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style="display: inline-block; height: 12.19pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 84.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 12pt; font-style: normal; font-weight: bold; left: 232.19pt; position: var(--position); white-space: pre;">WASHINGTON, D.C. 20549<span style="display: inline-block; height: 8.12pt;"></span></span></div><div style="line-height: 1pt; position: var(--position); top: 98.7pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 1pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 0.72pt;"></span></span></div><div style="position: var(--position); top: 99.84pt; width: 612pt;"><div style="font-size: 0pt; left: 254.25pt; position: var(--position); top: 0pt; width: 103.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 103.5pt;"/></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 14pt; line-height: 14pt; position: var(--position); top: 122.59pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 14pt; font-style: normal; font-weight: bold; left: 268.1pt; position: var(--position); white-space: pre;">FORM <span style="display: inline-block; height: 9.48pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 14pt; font-style: normal; font-weight: bold; left: 314.35pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-6">10-Q</ix:nonNumeric><span style="display: inline-block; height: 9.48pt;"></span></span></div><div style="line-height: 1pt; position: var(--position); top: 139.39pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 1pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 0.72pt;"></span></span></div><div style="position: var(--position); top: 140.53pt; width: 612pt;"><div style="font-size: 0pt; left: 254.25pt; position: var(--position); top: 0pt; width: 103.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 103.5pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 151.03pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 28.8pt; position: var(--position); white-space: pre;">(Mark One) <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); top: 162.53pt; width: 612pt;"><div style="font-size: 0pt; left: 28.8pt; position: var(--position); top: 0pt; width: 534.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 19.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 515.25pt;"/></tr><tr style="height: 17.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 19.5pt;"><div><div style="line-height: 12pt; position: var(--position); top: 3.75pt; width: 19.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:DocumentQuarterlyReport" format="ixt:fixed-true" id="f-7">&#9746;</ix:nonNumeric><span style="display: inline-block; height: 8.32pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 19.5pt; position: var(--position); top: 0pt; width: 515.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 515.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 509.73pt;">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 184.78pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 171.63pt; position: var(--position); white-space: pre;">FOR THE QUARTERLY PERIOD ENDED <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 364pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:DocumentPeriodEndDate" format="ixt:date-monthname-day-year-en" id="f-8">MARCH&#160;31, 2025</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 199.28pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 298.5pt; position: var(--position); white-space: pre;">OR<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); top: 210.78pt; width: 612pt;"><div style="font-size: 0pt; left: 28.8pt; position: var(--position); top: 0pt; width: 534.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 19.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 515.25pt;"/></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 19.5pt;"><div><div style="line-height: 12pt; position: var(--position); top: 3.75pt; width: 19.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:DocumentTransitionReport" format="ixt-sec:boolballotbox" id="f-9">&#9744;</ix:nonNumeric><span style="display: inline-block; height: 8.32pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 19.5pt; position: var(--position); top: 0pt; width: 515.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 515.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 509.19pt;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934<span style="display: inline-block; height: 6.77pt;"></span></span><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 511.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 243.03pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 172.6pt; position: var(--position); white-space: pre;">FOR THE TRANSITION PERIOD FROM ______ TO ______<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 257.53pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 226.74pt; position: var(--position); white-space: pre;">Commission File Number: <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 341.93pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityFileNumber" id="f-10">001-14788</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); top: 272.03pt; width: 612pt;"><div style="left: 207.75pt; position: var(--position); top: 0pt;"><div style="position: var(--position);"><img src="bxmt-20250331_g1.gif" alt="Mortgage_Trust_Lock_Up_Standard_GIF.gif" style="height: 48.75pt; width: 196.5pt;"/></div></div></div><div style="font-size: 12pt; line-height: 24pt; position: var(--position); top: 325.78pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 24pt; font-style: normal; font-weight: bold; left: 139.73pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityRegistrantName" id="f-11">Blackstone Mortgage Trust, Inc.</ix:nonNumeric><span style="display: inline-block; height: 16.25pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 353.38pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 194.16pt; position: var(--position); white-space: pre;">(Exact name of Registrant as specified in its charter)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); top: 366.88pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 248.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 246.75pt;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 248.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 248.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 102.75pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityIncorporationStateCountryCode" format="ixt-sec:stateprovnameen" id="f-12">Maryland</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 248.25pt; position: var(--position); top: 0pt; width: 246.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 246.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 99.21pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityTaxIdentificationNumber" id="f-13">94-6181186</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 14.25pt; width: 248.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 248.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 74.18pt; position: var(--position); white-space: pre;">(State or other jurisdiction of<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 248.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 71.94pt; position: var(--position); white-space: pre;">incorporation or organization)<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 248.25pt; position: var(--position); top: 14.25pt; width: 246.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 246.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 94.51pt; position: var(--position); white-space: pre;">(I.R.S. Employer<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 246.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 92.07pt; position: var(--position); white-space: pre;">Identification No.)<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 408.88pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 244.51pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine1" id="f-14">345 Park Avenue</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 317.8pt; position: var(--position); white-space: pre;">, <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 322.8pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressAddressLine2" id="f-15">24th Floor</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 420.38pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 246.17pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressCityOrTown" id="f-16">New York</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 289.75pt; position: var(--position); white-space: pre;">, <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 294.75pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressStateOrProvince" format="ixt-sec:stateprovnameen" id="f-17">New York</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 338.33pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 340.83pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:EntityAddressPostalZipCode" id="f-18">10154</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 431.88pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 221.31pt; position: var(--position); white-space: pre;">(Address of principal executive offices)(Zip Code) <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 441.07pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 274.75pt; position: var(--position); white-space: pre;">(<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 278.08pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:CityAreaCode" id="f-19">212</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 293.08pt; position: var(--position); white-space: pre;">) <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 298.91pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:LocalPhoneNumber" id="f-20">655-0220</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 452.57pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 215.2pt; position: var(--position); white-space: pre;">(Registrant&#8217;s telephone number, including area code) <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 461.76pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 297.39pt; position: var(--position); white-space: pre;">N/A <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 473.26pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 165.02pt; position: var(--position); white-space: pre;">(Former name, former address and former fiscal year, if changed since last report) <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 1pt; position: var(--position); top: 482.45pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 1pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 0.72pt;"></span></span></div><div style="position: var(--position); top: 483.59pt; width: 612pt;"><div style="font-size: 0pt; left: 254.25pt; position: var(--position); top: 0pt; width: 103.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 103.5pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495.09pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 230.29pt;">Securities registered pursuant to Section 12(b) of the Act:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.09pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 508.59pt; width: 612pt;"><div style="font-size: 0pt; left: 57pt; position: var(--position); top: 0pt; width: 498pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 105pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 118.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 90pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 177.75pt;"/></tr><tr style="height: 21.75pt;"><td colspan="2" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 223.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 223.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 81.66pt; position: var(--position); text-decoration: none; white-space: pre;">Title of each class<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 0pt; width: 90pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 90pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 31.01pt; position: var(--position); white-space: pre;">Trading<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 90pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28.57pt; position: var(--position); white-space: pre;">symbol(s)<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 320.25pt; position: var(--position); top: 0pt; width: 177.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 177.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 49.02pt; position: var(--position); white-space: pre;">Name of each exchange<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 177.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 55.35pt; position: var(--position); white-space: pre;">on which registered<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="2" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 223.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 223.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 7.08pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:Security12bTitle" id="f-21">Class A common stock, par value $0.01 per share</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 21.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 30.01pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:TradingSymbol" id="f-22">BXMT</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 320.25pt; position: var(--position); top: 21.75pt; width: 177.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 177.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 31.82pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-23">New York Stock Exchange</ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 550.59pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.29pt;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 583.0899999999999pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 560.49pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.16pt;">during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 582.9599999999999pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570.39pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 124.15pt;">requirements for the past 90 days. <span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 152.95000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.98pt;"><ix:nonNumeric contextRef="c-1" name="dei:EntityCurrentReportingStatus" id="f-24">Yes</ix:nonNumeric><span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 166.93pt; position: var(--position); white-space: pre; width: 31.8pt;"> &#9746; No &#9744;<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 198.73000000000002pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 582.29pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.29pt;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 583.0899999999999pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.22pt;">Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 583.02pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 602.09pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 22.97pt;">files). <span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 51.769999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.98pt;"><ix:nonNumeric contextRef="c-1" name="dei:EntityInteractiveDataCurrent" id="f-25">Yes</ix:nonNumeric><span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 65.75pt; position: var(--position); white-space: pre; width: 31.8pt;"> &#9746; No &#9744;<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 97.55pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 613.99pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.23pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 583.03pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 623.89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.24pt;">emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 583.04pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 633.79pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 166.87pt;">company&#8221; in Rule 12b-2 of the Exchange Act.<span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="position: var(--position); top: 645.69pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 144.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 90pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 110.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75pt;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 144.75pt;"><div><div style="line-height: 9.5pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 4.12pt; width: 144.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.3pt;"><ix:nonNumeric contextRef="c-1" name="dei:EntityFilerCategory" format="ixt-sec:entityfilercategoryen" id="f-26">Large accelerated filer</ix:nonNumeric><span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 0pt; width: 75pt;"><div><div style="line-height: 9.5pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 4.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.79pt;"> &#9746;<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 219.75pt; position: var(--position); top: 0pt; width: 90pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 4.12pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 309.75pt; position: var(--position); top: 0pt; width: 110.25pt;"><div><div style="line-height: 9.5pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 4.12pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.45pt;">Accelerated filer<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 0pt; width: 75pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 4.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 62.58pt; position: var(--position); text-decoration: none; white-space: pre;"> &#9744;<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td></tr><tr style="height: 3.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 11.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 18pt; width: 144.75pt;"><div><div style="line-height: 9.5pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 1.12pt; width: 144.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.32pt;">Non-accelerated filer<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 18pt; width: 75pt;"><div><div style="line-height: 9.5pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 1.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 9.79pt;"> &#9744;<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 219.75pt; position: var(--position); top: 18pt; width: 90pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 1.12pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 309.75pt; position: var(--position); top: 18pt; width: 110.25pt;"><div><div style="line-height: 9.5pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 1.12pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.83pt;">Smaller reporting company<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 18pt; width: 75pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 1.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 62.58pt; position: var(--position); text-decoration: none; white-space: pre;"> <ix:nonNumeric contextRef="c-1" name="dei:EntitySmallBusiness" format="ixt-sec:boolballotbox" id="f-27">&#9744;</ix:nonNumeric><span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td></tr><tr style="height: 3.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 11.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 219.75pt; position: var(--position); top: 33pt; width: 90pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 1.12pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 309.75pt; position: var(--position); top: 33pt; width: 110.25pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 1.12pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Emerging growth company<span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 33pt; width: 75pt;"><div><div style="line-height: 9.5pt; position: var(--position); top: 1.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9.5pt; font-style: normal; font-weight: normal; left: 62.58pt; position: var(--position); text-decoration: none; white-space: pre;"> <ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt-sec:boolballotbox" id="f-28">&#9744;</ix:nonNumeric><span style="display: inline-block; height: 6.58pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 696.94pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 554.3pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 583.0999999999999pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 707.29pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 361.97pt;">or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 390.77000000000004pt; position: var(--position); white-space: pre; width: 2.25pt;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 719.64pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 427.1pt;">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes <span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 455.90000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.03pt;"><ix:nonNumeric contextRef="c-1" name="dei:EntityShellCompany" format="ixt:fixed-false" id="f-29">&#9744;</ix:nonNumeric><span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 462.93pt; position: var(--position); white-space: pre; width: 22.52pt;"> No &#9746;<span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="font-size: 12pt; line-height: 9pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 731.99pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.8pt; position: var(--position); white-space: pre; width: 390.68pt;">The number of the registrant&#8217;s shares of class A common stock, par value $0.01 per share, outstanding as of <span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 419.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.73pt;">April&#160;23, 2025<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 472.21000000000004pt; position: var(--position); white-space: pre; width: 18.48pt;"> was <span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 490.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 45pt;"><ix:nonFraction unitRef="shares" contextRef="c-2" decimals="INF" name="dei:EntityCommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-30">171,580,190</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 535.6899999999999pt; position: var(--position); white-space: pre; width: 2.25pt;">.<span style="display: inline-block; height: 6.24pt;"></span></span></div><div style="position: var(--position); top: 742.34pt; width: 612pt;"><div style="font-size: 0pt; left: 28.8pt; position: var(--position); top: 0pt; width: 554.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 554.25pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 751.84pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 583.05pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.89pt;"></span></span><div style="font-size: 0pt; left: 28.8pt; position: var(--position); top: 1.39pt; width: 554.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 554.25pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"></div></div><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_10"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 252.15pt; position: var(--position); white-space: pre;">TABLE OF CONTENTS <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 79.3pt; width: 612pt;"><div style="font-size: 0pt; left: 59.62pt; position: var(--position); top: 0pt; width: 492.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 48pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 416.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 28.5pt;"/></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 9.67pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 0pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 9.67pt; width: 416.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 0pt; width: 28.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 11.49pt; width: 28.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 6.48pt; position: var(--position); text-decoration: none; white-space: pre;">Page<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 20.25pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">PART I. <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 20.25pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">FINANCIAL INFORMATION<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 1.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 40.5pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_16">FINANCIAL STATEMENTS</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 40.5pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_16">3</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 60.75pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Consolidated Financial Statements (Unaudited):<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 81pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_19">Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 81pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_19">3</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 101.25pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 377.45pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_22">Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 101.25pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_22">4</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 121.5pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 410.96pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_25">Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 413.59pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_25"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 15.15pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 12.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 20pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_25">2024</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 121.5pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_25">5</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 147.75pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 407.43pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_28">Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 147.75pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_28">6</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 168pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_31">Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 168pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_31">7</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 188.25pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_37">Notes to Consolidated Financial Statements</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 188.25pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_37">9</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 208.5pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 2.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 208.5pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_121">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_121">RESULTS OF OPERATIONS</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 208.5pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_121">53</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 234.75pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 3.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 234.75pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_160">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 234.75pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_160">86</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 255pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 4.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 255pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_175">CONTROLS AND PROCEDURES</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 255pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_175">88</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 275.25pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">PART II.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 275.25pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">OTHER INFORMATION<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 295.5pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 1.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 295.5pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_184">LEGAL PROCEEDINGS</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 295.5pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_184">89</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 315.75pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 1A.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 315.75pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_187">RISK FACTORS</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 315.75pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_187">89</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 336pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 2.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 336pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_190">UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 336pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_190">90</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 356.25pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 3.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 356.25pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_193">DEFAULTS UPON SENIOR SECURITIES</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 356.25pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_193">91</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 376.5pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 4.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 376.5pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_196">MINE SAFETY DISCLOSURES</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 376.5pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_196">91</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 396.75pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 5.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 396.75pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_199">OTHER INFORMATION</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 396.75pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_199">91</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 417pt; width: 48pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 6.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 48pt; position: var(--position); top: 417pt; width: 416.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 416.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_205">EXHIBITS</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 417pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_205">92</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 24.75pt;"><td colspan="2" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 437.25pt; width: 464.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 464.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_208">SIGNATURES</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 464.25pt; position: var(--position); top: 437.25pt; width: 28.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 28.5pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.87pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="#i5ae6f12e6eaa48489e39f30d79f48abd_208">93</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"></div></div><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 252.15pt; position: var(--position); white-space: pre;">TABLE OF CONTENTS<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Website Disclosure <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 140.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">Trust when you enroll your email address by visiting the &#8220;Contact Us and Email Alerts&#8221; section of our website at http://<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 453.93pt;">ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">3<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_13"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">PART I. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: absolute; top: 71.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_16"></div><div style="line-height: 10pt; position: var(--position); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">ITEM 1. FINANCIAL STATEMENTS <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: absolute; top: 89pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_19"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 235.5pt; position: var(--position); white-space: pre;"> Blackstone <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 287.13pt; position: var(--position); text-decoration: none; white-space: pre;">Mortgage<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 328.75pt; position: var(--position); white-space: pre;"> Trust, Inc. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 217.85pt; position: var(--position); white-space: pre;">Consolidated Balance Sheets (Unaudited)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 234.64pt; position: var(--position); white-space: pre;"> (in thousands, except share data) <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 123.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 137.3pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 344.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 73.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 344.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 0pt; width: 73.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 0pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.81pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Assets<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash and cash equivalents<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 27.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" format="ixt:num-dot-decimal" scale="3" id="f-31">668,563</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 27.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" format="ixt:num-dot-decimal" scale="3" id="f-32">323,483</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 42.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-33">19,049,712</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 42.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 26.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-34">19,047,518</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Current expected credit loss reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 57.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-35">741,541</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 57.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-36">733,936</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 72.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-37">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 72.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 26.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-38">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Real estate owned, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 87.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-39">619,796</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 87.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-40">588,185</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Investments in unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 102.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 39.29pt;"></span></span><span style="left: 41.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:EquityMethodInvestments" format="ixt:num-dot-decimal" scale="3" id="f-41">29,020</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 102.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:EquityMethodInvestments" format="ixt:num-dot-decimal" scale="3" id="f-42">4,452</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 117.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:OtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-43">331,925</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 117.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:OtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-44">572,253</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Total Assets<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 132.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 16.79pt;"></span></span><span style="left: 24.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-45">19,957,475</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 132.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.54pt;"></span></span><span style="left: 25.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-46">19,801,955</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147.75pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Liabilities and Equity<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 162pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Secured debt, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 162pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 16.79pt;"></span></span><span style="left: 24.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-47">10,000,027</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 162pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 22.54pt;"></span></span><span style="left: 30.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-6" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-48">9,696,334</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 177pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Securitized debt obligations, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 177pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-49">2,559,896</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 177pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-50">1,936,956</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 192pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Asset-specific debt, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 192pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-51">492,235</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 192pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-52">1,224,841</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 207pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loan participations sold, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 207pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilityAmount" format="ixt:num-dot-decimal" scale="3" id="f-53">101,672</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 207pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilityAmount" format="ixt:num-dot-decimal" scale="3" id="f-54">100,064</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 222pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Term loans, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 222pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:SecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-55">1,730,565</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 222pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:SecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-56">1,732,073</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 237pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Senior secured notes, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 237pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:SeniorNotes" format="ixt:num-dot-decimal" scale="3" id="f-57">779,187</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 237pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:SeniorNotes" format="ixt:num-dot-decimal" scale="3" id="f-58">771,035</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 252pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Convertible notes, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 252pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:ConvertibleNotesPayable" format="ixt:num-dot-decimal" scale="3" id="f-59">263,898</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 252pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:ConvertibleNotesPayable" format="ixt:num-dot-decimal" scale="3" id="f-60">263,616</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 267pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 267pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:OtherLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-61">341,277</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 267pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:OtherLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-62">282,847</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 282pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Total Liabilities<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 282pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-63">16,268,757</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 282pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 26.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-64">16,007,766</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 297pt; width: 344.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Commitments and contingencies (<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.41pt; position: var(--position); text-decoration: none; white-space: pre;">Note 22<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 171.32999999999998pt; position: var(--position); white-space: pre;">)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><ix:nonFraction unitRef="usd" contextRef="c-3" xsi:nil="true" name="us-gaap:CommitmentsAndContingencies" id="f-65"></ix:nonFraction></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><ix:nonFraction unitRef="usd" contextRef="c-4" xsi:nil="true" name="us-gaap:CommitmentsAndContingencies" id="f-66"></ix:nonFraction></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 312pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Equity<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 39pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 327pt; width: 344.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Class A common stock, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.05pt; position: var(--position); text-decoration: none; white-space: pre;">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-3" decimals="INF" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" id="f-67"><ix:nonFraction unitRef="usdPerShare" contextRef="c-4" decimals="INF" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" id="f-68">0.01</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.55pt; position: var(--position); white-space: pre;"> par value, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 166.94pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-4" decimals="INF" name="us-gaap:CommonStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-69"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:CommonStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-70">400,000,000</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.94pt; position: var(--position); white-space: pre;"> shares authorized, <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 15.15pt; width: 344.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 12.63pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:CommonStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-71"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:CommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-72">171,582,452</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 62.63pt; position: var(--position); white-space: pre;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.06pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-4" decimals="INF" name="us-gaap:CommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-73"><ix:nonFraction unitRef="shares" contextRef="c-4" decimals="INF" name="us-gaap:CommonStockSharesIssued" format="ixt:num-dot-decimal" scale="0" id="f-74">172,792,094</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.06pt; position: var(--position); white-space: pre;"> shares issued and outstanding as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 277.21999999999997pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.8pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 26.55pt; width: 344.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 12.63pt; position: var(--position); white-space: pre;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.560000000000002pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 108.1pt; position: var(--position); white-space: pre;">, respectively<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 327pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 48.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:CommonStockValue" format="ixt:num-dot-decimal" scale="3" id="f-75">1,716</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 327pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:CommonStockValue" format="ixt:num-dot-decimal" scale="3" id="f-76">1,728</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 366pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Additional paid-in capital<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 366pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:AdditionalPaidInCapitalCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-77">5,486,596</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 366pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:AdditionalPaidInCapitalCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-78">5,511,053</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 381pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accumulated other comprehensive income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 381pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 48.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-79">8,591</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 381pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-80">8,268</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 396pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accumulated deficit<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 396pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.21pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" sign="-" name="us-gaap:RetainedEarningsAccumulatedDeficit" format="ixt:num-dot-decimal" scale="3" id="f-81">1,814,935</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 396pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" sign="-" name="us-gaap:RetainedEarningsAccumulatedDeficit" format="ixt:num-dot-decimal" scale="3" id="f-82">1,733,741</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 411pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total Blackstone Mortgage Trust, Inc. stockholders&#8217; equity<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 411pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:StockholdersEquity" format="ixt:num-dot-decimal" scale="3" id="f-83">3,681,968</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 411pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:StockholdersEquity" format="ixt:num-dot-decimal" scale="3" id="f-84">3,787,308</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 426pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 426pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 48.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:MinorityInterest" format="ixt:num-dot-decimal" scale="3" id="f-85">6,750</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 426pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:MinorityInterest" format="ixt:num-dot-decimal" scale="3" id="f-86">6,881</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 441pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Total Equity<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 441pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-87">3,688,718</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 441pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-88">3,794,189</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 456pt; width: 344.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 344.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Total Liabilities and Equity<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 456pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 16.79pt;"></span></span><span style="left: 24.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LiabilitiesAndStockholdersEquity" format="ixt:num-dot-decimal" scale="3" id="f-89">19,957,475</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 456pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.54pt;"></span></span><span style="left: 25.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:LiabilitiesAndStockholdersEquity" format="ixt:num-dot-decimal" scale="3" id="f-90">19,801,955</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 613.3pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 624.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 177.26pt;">Note: The consolidated balance sheets as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 235.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 299.34000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.93pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 397.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 156.18pt;"> include assets of consolidated variable<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 636.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 647.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 355.33pt;">VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 413.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.78pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.63pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 497.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.14pt;">December&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 659.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.37pt;">, assets of the consolidated VIEs totaled <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.7pt;">$<ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-8" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="9" id="f-91">3.4</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 291.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.67pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.7pt;">$<ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-8" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="9" id="f-92">2.4</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 358.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 194.56pt;">, respectively, and liabilities of the consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 670.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.71pt;">VIEs totaled <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111.21000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">$<ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-8" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="9" id="f-93">2.6</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 157.29000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">&#160;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 159.79000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.93pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">$<ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-8" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="9" id="f-94">2.0</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.2pt;">, respectively. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 20<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.81pt;"> for additional discussion of the VIEs.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 694.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 182.38pt; position: var(--position); white-space: pre;">See accompanying notes to consolidated financial statements. <span style="display: inline-block; height: 6.94pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">4<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 82.13pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_22"></div><div style="line-height: 10pt; position: var(--position); top: 82.13pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 236.75pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 93.63pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 195.5pt; position: var(--position); white-space: pre;">Consolidated Statements of Operations (Unaudited)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 105.13pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 205.21pt; position: var(--position); white-space: pre;">(in thousands, except share and per share data) <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 116.63pt; width: 612pt;"><span style="color: #ee2724; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); top: 128.13pt; width: 612pt;"><div style="font-size: 0pt; left: 62.62pt; position: var(--position); top: 0pt; width: 486.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 335.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 335.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.24pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 0pt; width: 151.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.37pt; width: 151.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 39.34pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 151.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 58.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 335.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 21pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 30.06pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 21pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 30.06pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 33.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 48pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Interest and related income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 48pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestAndFeeIncomeLoansAndLeases" format="ixt:num-dot-decimal" scale="3" id="f-95">332,057</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 48pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:InterestAndFeeIncomeLoansAndLeases" format="ixt:num-dot-decimal" scale="3" id="f-96">486,122</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Less: Interest and related expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 63pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-97">242,233</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 63pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-98">343,730</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 78pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments, net<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 78pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-99">89,824</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 78pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:InterestAndFeeIncomeLoansAndLeasesNetOfInterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-100">142,392</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 93pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Revenue from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 93pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealEstateOwnedIncome" format="ixt:num-dot-decimal" scale="3" id="f-101">37,033</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 93pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:RealEstateOwnedIncome" format="ixt:fixed-zero" scale="3" id="f-102">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Gain on extinguishment of debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 108pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" format="ixt:fixed-zero" scale="3" id="f-103">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 108pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" format="ixt:num-dot-decimal" scale="3" id="f-104">2,963</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 123pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Other income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 123pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:NoninterestIncomeOther" scale="3" id="f-105">90</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 123pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:NoninterestIncomeOther" format="ixt:fixed-zero" scale="3" id="f-106">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 138pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Total net revenues<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 138pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:NoninterestIncome" format="ixt:num-dot-decimal" scale="3" id="f-107">126,947</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 138pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:NoninterestIncome" format="ixt:num-dot-decimal" scale="3" id="f-108">145,355</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 153pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 167.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Management and incentive fees<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 167.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ManagementFeeExpense" format="ixt:num-dot-decimal" scale="3" id="f-109">17,235</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 167.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ManagementFeeExpense" format="ixt:num-dot-decimal" scale="3" id="f-110">18,927</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 182.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">General and administrative expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 182.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:GeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-111">12,664</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 182.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:GeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-112">13,728</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 197.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Expenses from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 197.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealEstateOwnedExpenses" format="ixt:num-dot-decimal" scale="3" id="f-113">46,302</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 197.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:RealEstateOwnedExpenses" format="ixt:fixed-zero" scale="3" id="f-114">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 212.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); white-space: pre;">Total expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 212.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:NoninterestExpense" format="ixt:num-dot-decimal" scale="3" id="f-115">76,201</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 212.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:NoninterestExpense" format="ixt:num-dot-decimal" scale="3" id="f-116">32,655</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 227.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in current expected credit loss reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 227.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal" format="ixt:num-dot-decimal" scale="3" id="f-117">49,505</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 227.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal" format="ixt:num-dot-decimal" scale="3" id="f-118">234,868</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 242.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loss from unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 242.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.21pt;"></span></span><span style="left: 51.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" id="f-119">874</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 242.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:IncomeLossFromEquityMethodInvestments" format="ixt:fixed-zero" scale="3" id="f-120">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 257.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income (loss) before income taxes<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 257.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" scale="3" id="f-121">367</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 257.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-122">122,168</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 272.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income tax provision<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 272.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:IncomeTaxExpenseBenefit" scale="3" id="f-123">718</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 272.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:IncomeTaxExpenseBenefit" format="ixt:num-dot-decimal" scale="3" id="f-124">1,002</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 287.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 287.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ProfitLoss" scale="3" id="f-125">351</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 287.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:ProfitLoss" format="ixt:num-dot-decimal" scale="3" id="f-126">123,170</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 302.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net income attributable to non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 302.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 59.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="3" id="f-127">6</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 302.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:NetIncomeLossAttributableToNoncontrollingInterest" scale="3" id="f-128">668</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 317.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss attributable to Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 317.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.21pt;"></span></span><span style="left: 51.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:NetIncomeLoss" scale="3" id="f-129">357</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 317.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.71pt;"></span></span><span style="left: 34.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:NetIncomeLoss" format="ixt:num-dot-decimal" scale="3" id="f-130">123,838</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 332.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss per share of common stock, basic and diluted<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 332.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.71pt;"></span></span><span style="left: 49.34pt; position: var(--position);">(<ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:EarningsPerShareBasic" scale="0" id="f-131"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:EarningsPerShareDiluted" scale="0" id="f-132">0.00</ix:nonFraction></ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 332.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.71pt;"></span></span><span style="left: 49.34pt; position: var(--position);">(<ix:nonFraction unitRef="usdPerShare" contextRef="c-13" decimals="2" sign="-" name="us-gaap:EarningsPerShareDiluted" scale="0" id="f-133"><ix:nonFraction unitRef="usdPerShare" contextRef="c-13" decimals="2" sign="-" name="us-gaap:EarningsPerShareBasic" scale="0" id="f-134">0.71</ix:nonFraction></ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 347.25pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Weighted-average shares of common stock outstanding, basic and diluted<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 347.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="0" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" format="ixt:num-dot-decimal" scale="0" id="f-135"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="0" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-136">172,004,888</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 412.5pt; position: var(--position); top: 347.25pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="0" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-137"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="0" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" format="ixt:num-dot-decimal" scale="0" id="f-138">174,041,630</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 506.88pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 182.38pt; position: var(--position); white-space: pre;">See accompanying notes to consolidated financial statements.<span style="display: inline-block; height: 6.94pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">5<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_25"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 236.75pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 168.99pt; position: var(--position); white-space: pre;">Consolidated Statements of Comprehensive <span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 357.21000000000004pt; position: var(--position); text-decoration: none; white-space: pre;">Income (Unaudited)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 275.58pt; position: var(--position); white-space: pre;">(in thousands)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 88.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 102.3pt; width: 612pt;"><div style="font-size: 0pt; left: 68.62pt; position: var(--position); top: 0pt; width: 474.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 323.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 323.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.24pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 0pt; width: 151.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.37pt; width: 151.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 39.34pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 151.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 58.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 323.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 21pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 29.12pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 21pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 29.12pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 33.75pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 33.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.21pt;"></span></span><span style="left: 51.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ProfitLoss" scale="3" id="f-139">351</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 33.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.71pt;"></span></span><span style="left: 34.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:ProfitLoss" format="ixt:num-dot-decimal" scale="3" id="f-140">123,170</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 48.75pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other comprehensive income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63.75pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Unrealized gain (loss) on foreign currency translation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 63.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-141">60,901</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 63.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-142">45,732</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 78.75pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Realized and unrealized (loss) gain on derivative financial instruments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 78.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" format="ixt:num-dot-decimal" scale="3" id="f-143">60,394</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 78.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax" format="ixt:num-dot-decimal" scale="3" id="f-144">46,148</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 93.75pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Unrealized loss on derivative financial instruments from unconsolidated <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30pt; position: var(--position); text-decoration: none; white-space: pre;">entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 93.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:OciEquityMethodInvestmentAfterTax" scale="3" id="f-145">184</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 93.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 61.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OciEquityMethodInvestmentAfterTax" format="ixt:fixed-zero" scale="3" id="f-146">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 120pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other comprehensive income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 120pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-147">323</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 120pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-148">416</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 135pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Comprehensive loss<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 135pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 54.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" scale="3" id="f-149">28</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 135pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 31.71pt;"></span></span><span style="left: 34.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-150">122,754</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 150pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Comprehensive income attributable to non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 150pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 59.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" scale="3" id="f-151">6</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 150pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 49.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" scale="3" id="f-152">668</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 165pt; width: 323.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Comprehensive loss attributable to Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 165pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 49.21pt;"></span></span><span style="left: 56.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="3" id="f-153">34</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 165pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.71pt;"></span></span><span style="left: 34.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:ComprehensiveIncomeNetOfTax" format="ixt:num-dot-decimal" scale="3" id="f-154">123,422</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 299.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 182.38pt; position: var(--position); white-space: pre;">See accompanying notes to consolidated financial statements. <span style="display: inline-block; height: 6.94pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 756pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">6<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 236.75pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 179.93pt; position: var(--position); white-space: pre;">Consolidated Statements of Changes in Equity (Unaudited)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 275.58pt; position: var(--position); white-space: pre;">(in thousands) <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div><div><div style="position: absolute; top: 91.8pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_28"></div><div style="position: var(--position); top: 91.8pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 134.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 38.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 48pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 51pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 134.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="9" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 0pt; width: 263.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 263.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 76.22pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 187.01999999999998pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 0pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 0pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 42.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 134.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 33.99pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 12.75pt; width: 38.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 15.74pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.13pt; position: var(--position); text-decoration: none; white-space: pre;">Class A<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 24.93pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.36pt; position: var(--position); text-decoration: none; white-space: pre;">Common<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 34.12pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.58pt; position: var(--position); text-decoration: none; white-space: pre;"> Stock<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 12.75pt; width: 48pt;"><div><div style="line-height: 8pt; position: var(--position); top: 15.61pt; width: 48pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.79pt; position: var(--position); white-space: pre;">Additional <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 24.8pt; width: 48pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.9pt; position: var(--position); white-space: pre;">Paid-<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 33.99pt; width: 48pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.57pt; position: var(--position); white-space: pre;">In Capital<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 41.43pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 12.75pt; width: 60.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 6.55pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.73pt; position: var(--position); text-decoration: none; white-space: pre;">Accumulated <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 15.74pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.16pt; position: var(--position); text-decoration: none; white-space: pre;">Other<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 24.93pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.73pt; position: var(--position); text-decoration: none; white-space: pre;"> Comprehensive <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 34.12pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.28pt; position: var(--position); text-decoration: none; white-space: pre;">Income (Loss)<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 12.75pt; width: 51pt;"><div><div style="line-height: 8pt; position: var(--position); top: 24.8pt; width: 51pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.86pt; position: var(--position); white-space: pre;">Accumulated<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 33.99pt; width: 51pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.18pt; position: var(--position); white-space: pre;"> Deficit<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 37.81pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 24.8pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.09pt; position: var(--position); white-space: pre;">Stockholders&#8217;<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 33.99pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.08pt; position: var(--position); white-space: pre;"> Equity<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 39.17pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 12.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 15.61pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.44pt; position: var(--position); white-space: pre;">Non-<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 24.8pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.11pt; position: var(--position); white-space: pre;">Controlling<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 33.99pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7pt; position: var(--position); white-space: pre;"> Interests<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 38.739999999999995pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 12.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 24.8pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.77pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 33.99pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.33pt; position: var(--position); white-space: pre;">Equity<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.42pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 134.25pt;"><div><div style="font-size: 12pt; line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Balance at <span style="display: inline-block; height: 5.75pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 42.730000000000004pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2023<span style="display: inline-block; height: 5.75pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 55.5pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.67pt;"></span></span><span style="left: 15.55pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-14" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-155">1,732</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 55.5pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.55pt;"></span></span><span style="left: 10.43pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-15" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-156">5,507,459</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 55.5pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 31.17pt;"></span></span><span style="left: 38.050000000000004pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-16" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-157">9,454</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 55.5pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.72pt;"></span></span><span style="left: 10.6pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-17" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-158">1,150,934</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 55.5pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.8pt;"></span></span><span style="left: 15.68pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-18" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-159">4,367,711</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 55.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 11.92pt;"></span></span><span style="left: 18.8pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-19" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-160">19,793</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 55.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 1.3pt;"></span></span><span style="left: 8.18pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-20" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-161">4,387,504</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 69.75pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Restricted class A common stock <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">earned<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 69.75pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 31.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-21" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="f-162">4</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 69.75pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 26.25pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-22" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-163">7,907</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 69.75pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 69.75pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 69.75pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 31.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-164">7,911</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 69.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 69.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 24pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-165">7,911</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 93pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends reinvested<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 93pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 93pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 32.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-22" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueDividendReinvestmentPlan" scale="3" id="f-166">253</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 93pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 93pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 93pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueDividendReinvestmentPlan" scale="3" id="f-167">253</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 93pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 93pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueDividendReinvestmentPlan" scale="3" id="f-168">253</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred directors&#8217; compensation<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 108.75pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 108.75pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 32.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-22" decimals="-3" name="bxmt:AdjustmentsToAdditionalPaidInCapitalDeferredCompensation" scale="3" id="f-169">201</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 108.75pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 108.75pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 108.75pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" name="bxmt:AdjustmentsToAdditionalPaidInCapitalDeferredCompensation" scale="3" id="f-170">201</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:AdjustmentsToAdditionalPaidInCapitalDeferredCompensation" scale="3" id="f-171">201</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 124.5pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Net (loss) income<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 124.5pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 124.5pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 124.5pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 124.5pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 15.09pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-24" decimals="-3" sign="-" name="us-gaap:ProfitLoss" format="ixt:num-dot-decimal" scale="3" id="f-172">123,838</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 124.5pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 16.59pt;"></span></span><span style="left: 19.22pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" sign="-" name="us-gaap:ProfitLoss" format="ixt:num-dot-decimal" scale="3" id="f-173">123,838</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 124.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-25" decimals="-3" name="us-gaap:ProfitLoss" scale="3" id="f-174">668</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 124.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 9.84pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:ProfitLoss" format="ixt:num-dot-decimal" scale="3" id="f-175">123,170</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 140.25pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Other comprehensive income<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 140.25pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 140.25pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 140.25pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 45.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-26" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-176">416</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 140.25pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 140.25pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-177">416</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 140.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 140.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-178">416</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 33pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 156pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); white-space: pre;">Dividends declared on common <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); white-space: pre;">stock and deferred stock units, <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="font-size: 12pt; line-height: 8.5pt; position: var(--position); top: 23.11pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-13" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-179">0.62</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 44.620000000000005pt; position: var(--position); white-space: pre;"> per share<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 156pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 156pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 156pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 156pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 15.09pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-24" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-180">107,901</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 156pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 16.59pt;"></span></span><span style="left: 19.22pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-23" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-181">107,901</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 156pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 156pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 9.84pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-182">107,901</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 189pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Distributions to non-controlling <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">interests<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 189pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 189pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 189pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 189pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 189pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 38.54pt;"></span></span><span style="left: 41.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 189pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 24.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-25" decimals="-3" name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" scale="3" id="f-183">627</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 189pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 23.96pt;"></span></span><span style="left: 26.59pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" scale="3" id="f-184">627</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 212.25pt; width: 134.25pt;"><div><div style="font-size: 12pt; line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Balance at <span style="display: inline-block; height: 5.75pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 42.730000000000004pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2024<span style="display: inline-block; height: 5.75pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 212.25pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.67pt;"></span></span><span style="left: 15.55pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-27" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-185">1,736</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 212.25pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.55pt;"></span></span><span style="left: 10.43pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-28" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-186">5,515,820</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 212.25pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 31.17pt;"></span></span><span style="left: 38.050000000000004pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-29" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-187">9,870</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 212.25pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.72pt;"></span></span><span style="left: 10.6pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-30" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-188">1,382,673</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 212.25pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.8pt;"></span></span><span style="left: 15.68pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-31" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-189">4,144,753</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 212.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 11.92pt;"></span></span><span style="left: 18.8pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-32" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-190">19,834</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 212.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 1.3pt;"></span></span><span style="left: 8.18pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-191">4,164,587</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 227.25pt; width: 134.25pt;"><div><div style="font-size: 12pt; line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Balance at <span style="display: inline-block; height: 5.75pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 42.730000000000004pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 5.75pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 227.25pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.67pt;"></span></span><span style="left: 15.55pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-34" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-192">1,728</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 227.25pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.55pt;"></span></span><span style="left: 10.43pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-35" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-193">5,511,053</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 227.25pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 31.17pt;"></span></span><span style="left: 38.050000000000004pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-36" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-194">8,268</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 227.25pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.72pt;"></span></span><span style="left: 10.6pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-37" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-195">1,733,741</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 227.25pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.8pt;"></span></span><span style="left: 15.68pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-38" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-196">3,787,308</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 227.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 16.17pt;"></span></span><span style="left: 23.05pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-39" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-197">6,881</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 227.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 1.3pt;"></span></span><span style="left: 8.18pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-198">3,794,189</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 243pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Shares of class A common stock <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">issued, net<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 243pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 31.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-40" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="3" id="f-199">1</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 243pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 35.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-41" decimals="-3" sign="-" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="3" id="f-200">1</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 243pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 243pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 243pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 42.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 243pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 243pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" format="ixt:fixed-zero" scale="3" id="f-201">&#8212;</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 266.25pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Repurchases of class A common <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">stock<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 266.25pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 20.71pt;"></span></span><span style="left: 23.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-40" decimals="-3" name="us-gaap:StockRepurchasedDuringPeriodValue" scale="3" id="f-202">18</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 266.25pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 15.59pt;"></span></span><span style="left: 18.22pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-41" decimals="-3" name="us-gaap:StockRepurchasedDuringPeriodValue" format="ixt:num-dot-decimal" scale="3" id="f-203">31,629</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 266.25pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 266.25pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 266.25pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 20.84pt;"></span></span><span style="left: 23.47pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:StockRepurchasedDuringPeriodValue" format="ixt:num-dot-decimal" scale="3" id="f-204">31,647</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 266.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 31.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 266.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 13.34pt;"></span></span><span style="left: 15.969999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:StockRepurchasedDuringPeriodValue" format="ixt:num-dot-decimal" scale="3" id="f-205">31,647</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 289.5pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Restricted class A common stock <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">earned<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 289.5pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 31.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-40" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="f-206">5</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 289.5pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 26.25pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-41" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-207">6,787</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 289.5pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 289.5pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 289.5pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 31.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-208">6,792</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 289.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 289.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 24pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-209">6,792</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 312.75pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends reinvested<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 312.75pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 312.75pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 32.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-41" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueDividendReinvestmentPlan" scale="3" id="f-210">213</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 312.75pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 312.75pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 312.75pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueDividendReinvestmentPlan" scale="3" id="f-211">213</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 312.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 312.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:StockIssuedDuringPeriodValueDividendReinvestmentPlan" scale="3" id="f-212">213</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 328.5pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred directors&#8217; compensation<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 328.5pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 328.5pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 32.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-41" decimals="-3" name="bxmt:AdjustmentsToAdditionalPaidInCapitalDeferredCompensation" scale="3" id="f-213">173</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 328.5pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 328.5pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 328.5pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="bxmt:AdjustmentsToAdditionalPaidInCapitalDeferredCompensation" scale="3" id="f-214">173</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 328.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 328.5pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:AdjustmentsToAdditionalPaidInCapitalDeferredCompensation" scale="3" id="f-215">173</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 344.25pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Net (loss) income<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 344.25pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 344.25pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 344.25pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 344.25pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 29.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-43" decimals="-3" sign="-" name="us-gaap:ProfitLoss" scale="3" id="f-216">357</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 344.25pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 32.21pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" sign="-" name="us-gaap:ProfitLoss" scale="3" id="f-217">357</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 344.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 38.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-44" decimals="-3" name="us-gaap:ProfitLoss" scale="3" id="f-218">6</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 344.25pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 24.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ProfitLoss" scale="3" id="f-219">351</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 360pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Other comprehensive income<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 360pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 360pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 360pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 45.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-45" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-220">323</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 360pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 360pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-221">323</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 360pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 360pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetOfTax" scale="3" id="f-222">323</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 33pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 375.75pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); white-space: pre;">Dividends declared on common <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); white-space: pre;">stock and deferred stock units, <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="font-size: 12pt; line-height: 8.5pt; position: var(--position); top: 23.11pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-223">0.47</ix:nonFraction><span style="display: inline-block; height: 5.89pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 44.620000000000005pt; position: var(--position); white-space: pre;"> per share<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 375.75pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 375.75pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 375.75pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 375.75pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 19.34pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-43" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-224">80,837</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 375.75pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.89pt; width: 20.84pt;"></span></span><span style="left: 23.47pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-42" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-225">80,837</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 375.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 375.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 14.09pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-226">80,837</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 408.75pt; width: 134.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 17pt; position: var(--position); text-decoration: none; white-space: pre;">Distributions to non-controlling <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 8.5pt; position: var(--position); top: 13.43pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 25.5pt; position: var(--position); text-decoration: none; white-space: pre;">interests<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 408.75pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 408.75pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 408.75pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 49.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 408.75pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 39.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 408.75pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 42.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 408.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 24.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-44" decimals="-3" name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" scale="3" id="f-227">137</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 408.75pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 24.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" scale="3" id="f-228">137</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 432pt; width: 134.25pt;"><div><div style="font-size: 12pt; line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 134.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Balance at <span style="display: inline-block; height: 5.75pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: bold; left: 42.730000000000004pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 5.75pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 134.25pt; position: var(--position); top: 432pt; width: 38.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 38.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.67pt;"></span></span><span style="left: 15.55pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-46" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-229">1,716</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 175.5pt; position: var(--position); top: 432pt; width: 48pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 48pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.55pt;"></span></span><span style="left: 10.43pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-47" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-230">5,486,596</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 226.5pt; position: var(--position); top: 432pt; width: 60.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 60.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 31.17pt;"></span></span><span style="left: 38.050000000000004pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-48" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-231">8,591</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 290.25pt; position: var(--position); top: 432pt; width: 51pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 3.72pt;"></span></span><span style="left: 10.6pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-49" decimals="-3" sign="-" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-232">1,814,935</ix:nonFraction>)<span style="display: inline-block; height: 5.89pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 344.25pt; position: var(--position); top: 432pt; width: 53.25pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 8.8pt;"></span></span><span style="left: 15.68pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-50" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-233">3,681,968</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 400.5pt; position: var(--position); top: 432pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 16.17pt;"></span></span><span style="left: 23.05pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-51" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-234">6,750</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 449.25pt; position: var(--position); top: 432pt; width: 45.75pt;"><div><div style="line-height: 8.5pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.89pt; width: 1.3pt;"></span></span><span style="left: 8.18pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="3" id="f-235">3,688,718</ix:nonFraction><span style="display: inline-block; height: 5.89pt; width: 2.83pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 8.5pt; position: var(--position); top: 543.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; <span style="display: inline-block; height: 5.89pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 552.82pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8.5pt; font-style: normal; font-weight: normal; left: 179.2pt; position: var(--position); white-space: pre;">&#160;  <span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 185.56pt; position: var(--position); white-space: pre;">See accompanying notes to consolidated financial statements.<span style="display: inline-block; height: 6.94pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">7<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_31"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 236.75pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 194.79pt; position: var(--position); white-space: pre;">Consolidated Statements of Cash Flows (Unaudited) <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 275.58pt; position: var(--position); text-decoration: none; white-space: pre;">(in thousands) <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); top: 88.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 360.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 0pt; width: 134.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 134.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.17pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 360.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash flows from operating activities<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39.75pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 39.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.21pt;"></span></span><span style="left: 42.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ProfitLoss" scale="3" id="f-236">351</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 39.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.71pt;"></span></span><span style="left: 25.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:ProfitLoss" format="ixt:num-dot-decimal" scale="3" id="f-237">123,170</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54.75pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Adjustments to reconcile net loss to net cash provided by operating activities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 69.75pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Non-cash compensation expense<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 69.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.75pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ShareBasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-238">6,965</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 69.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.75pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ShareBasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-239">8,112</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 84.75pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Amortization of deferred fees on loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 84.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:AmortizationOfDeferredLoanOriginationFeesNet" format="ixt:num-dot-decimal" scale="3" id="f-240">10,622</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 84.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:AmortizationOfDeferredLoanOriginationFeesNet" format="ixt:num-dot-decimal" scale="3" id="f-241">16,433</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 99.75pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Amortization of deferred financing costs and premiums/discounts on debt <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50pt; position: var(--position); text-decoration: none; white-space: pre;">obligations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 99.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" format="ixt:num-dot-decimal" scale="3" id="f-242">9,345</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 99.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" format="ixt:num-dot-decimal" scale="3" id="f-243">10,550</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 126pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Payment-in-kind interest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 126pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:PaymentInKindInterestNetOfInterestReceived" format="ixt:num-dot-decimal" scale="3" id="f-244">3,570</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 126pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:PaymentInKindInterestNetOfInterestReceived" format="ixt:num-dot-decimal" scale="3" id="f-245">2,329</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 141pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in current expected credit loss reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 141pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal" format="ixt:num-dot-decimal" scale="3" id="f-246">49,505</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 141pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.75pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestCreditLossExpenseReversal" format="ixt:num-dot-decimal" scale="3" id="f-247">234,868</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 156pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Straight-line rental income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 156pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:StraightLineRent" scale="3" id="f-248">901</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 156pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 51.25pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:StraightLineRent" format="ixt:fixed-zero" scale="3" id="f-249">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 171pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Gain on extinguishment of debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 171pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" format="ixt:fixed-zero" scale="3" id="f-250">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 171pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.09pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" format="ixt:num-dot-decimal" scale="3" id="f-251">2,963</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 186pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Depreciation and amortization of real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 186pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:DepreciationAndAmortization" format="ixt:num-dot-decimal" scale="3" id="f-252">16,279</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 186pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 51.25pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:DepreciationAndAmortization" format="ixt:fixed-zero" scale="0" id="f-253">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 201pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); white-space: pre;">Loss from unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 201pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="3" id="f-254">874</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 201pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 51.25pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:IncomeLossFromEquityMethodInvestments" format="ixt:fixed-zero" scale="0" id="f-255">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 216pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Unrealized loss on derivative financial instruments, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 216pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-256">2,526</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 216pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" scale="3" id="f-257">482</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 231pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Realized gain on derivative financial instruments, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 231pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealizedGainsLossesOnDerivativeFinancialInstrumentsNet" format="ixt:num-dot-decimal" scale="3" id="f-258">5,480</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 231pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:RealizedGainsLossesOnDerivativeFinancialInstrumentsNet" format="ixt:num-dot-decimal" scale="3" id="f-259">4,895</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 246pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Changes in assets and liabilities, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 261pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Other assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 261pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:IncreaseDecreaseInOtherOperatingAssets" format="ixt:num-dot-decimal" scale="3" id="f-260">36,987</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 261pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:IncreaseDecreaseInOtherOperatingAssets" format="ixt:num-dot-decimal" scale="3" id="f-261">8,334</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 276pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Other liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 276pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.09pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:IncreaseDecreaseInOtherOperatingLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-262">2,843</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 276pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:IncreaseDecreaseInOtherOperatingLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-263">17,946</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 291pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Net cash provided by operating activities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 291pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="3" id="f-264">100,516</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 291pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="3" id="f-265">94,610</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 306pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash flows from investing activities<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 320.25pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Principal fundings of loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 320.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsForProceedsFromLoansReceivable" format="ixt:num-dot-decimal" scale="3" id="f-266">1,677,727</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 320.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsForProceedsFromLoansReceivable" format="ixt:num-dot-decimal" scale="3" id="f-267">301,678</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 335.25pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Principal collections, sales proceeds, and cost-recovery proceeds from loans <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 360.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30pt; position: var(--position); white-space: pre;">receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 335.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ProceedsFromSaleAndCollectionOfLoansReceivable" format="ixt:num-dot-decimal" scale="3" id="f-268">1,940,914</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 335.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ProceedsFromSaleAndCollectionOfLoansReceivable" format="ixt:num-dot-decimal" scale="3" id="f-269">637,242</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 361.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Origination and other fees received on loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 361.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:ProceedsFromLoanOriginationAndOtherLoanReceivableFees" format="ixt:num-dot-decimal" scale="3" id="f-270">11,965</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 361.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:ProceedsFromLoanOriginationAndOtherLoanReceivableFees" format="ixt:num-dot-decimal" scale="3" id="f-271">4,550</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 376.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Payments under derivative financial instruments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 376.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsForDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-272">13,384</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 376.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsForDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-273">72,113</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 391.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Receipts under derivative financial instruments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 391.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ProceedsFromDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-274">93,882</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 391.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ProceedsFromDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-275">4,815</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 406.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Collateral deposited under derivative agreements<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 406.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:PaymentsForCollateralDepositOnDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-276">135,670</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 406.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:PaymentsForCollateralDepositOnDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-277">16,990</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 421.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Return of collateral deposited under derivative agreements<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 421.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:ProceedsFromCollateralDepositOnDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-278">70,840</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 421.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:ProceedsFromCollateralDepositOnDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-279">120,490</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 436.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Investment in unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 436.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsToAcquireEquityMethodInvestments" format="ixt:num-dot-decimal" scale="3" id="f-280">25,625</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 436.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsToAcquireEquityMethodInvestments" format="ixt:fixed-zero" scale="3" id="f-281">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 451.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Capital expenditures on real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 451.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="bxmt:CapitalExpenditureRealEstateOwned" format="ixt:num-dot-decimal" scale="3" id="f-282">4,256</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 451.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:CapitalExpenditureRealEstateOwned" format="ixt:fixed-zero" scale="3" id="f-283">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 466.5pt; width: 360.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 360.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Net cash provided by investing activities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 466.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-284">260,939</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 466.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="3" id="f-285">376,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 586.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 504.1pt; position: var(--position); white-space: pre;">continued&#8230; <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 610pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; white-space: pre;"><span style="left: 182.38pt; position: var(--position);">See accompanying notes to consolidated financial statements. <span style="display: inline-block; height: 6.94pt; width: 2.26pt;"></span></span><span style="left: 434.38pt; position: var(--position);"><span style="display: inline-block; height: 6.94pt; width: 36pt;"></span></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">8<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 236.75pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 194.79pt; position: var(--position); white-space: pre;">Consolidated Statements of Cash Flows (Unaudited)<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 275.58pt; position: var(--position); white-space: pre;">(in thousands) <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 361.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 361.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 0pt; width: 133.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 133.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.79pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 361.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash flows from financing activities<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Borrowings under secured debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 39.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-52" decimals="-3" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-286">1,029,960</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 39.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-53" decimals="-3" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-287">529,753</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Repayments under secured debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 54.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-52" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-288">905,532</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 54.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-53" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-289">671,610</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 69.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Proceeds from issuance of securitized debt obligations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 69.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:ProceedsFromIssuanceOfCollateralizedLoanObligations" format="ixt:num-dot-decimal" scale="3" id="f-290">831,250</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 69.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:ProceedsFromIssuanceOfCollateralizedLoanObligations" format="ixt:fixed-zero" scale="3" id="f-291">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 84.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Repayments of securitized debt obligations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 84.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-292">102,782</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 84.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-55" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-293">178,058</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 99.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Borrowings under asset-specific debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 99.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-56" decimals="-3" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-294">203,941</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 99.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-57" decimals="-3" name="us-gaap:ProceedsFromIssuanceOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-295">60,387</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 114.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Repayments under asset-specific debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 114.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-56" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-296">936,274</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 114.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-57" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:fixed-zero" scale="3" id="f-297">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 129.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Repayments and repurchases of term loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 129.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-58" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-298">3,690</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 129.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-59" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-299">5,499</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 144.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Repurchases of senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 144.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-60" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:fixed-zero" scale="3" id="f-300">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 144.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-61" decimals="-3" name="us-gaap:RepaymentsOfLongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-301">22,984</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Payment of deferred financing costs<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 159.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsOfFinancingCosts" format="ixt:num-dot-decimal" scale="3" id="f-302">22,017</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 159.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsOfFinancingCosts" format="ixt:num-dot-decimal" scale="3" id="f-303">8,315</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 174.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Distributions to non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 174.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsToMinorityShareholders" scale="3" id="f-304">137</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 174.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsToMinorityShareholders" scale="3" id="f-305">627</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 189.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends paid on class A common stock<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 189.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsOfDividendsCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-306">81,214</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 189.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsOfDividendsCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-307">107,390</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 204.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Repurchases of class A common stock<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 204.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsForRepurchaseOfCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-308">31,647</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 204.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 52.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:PaymentsForRepurchaseOfCommonStock" format="ixt:fixed-zero" scale="3" id="f-309">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 219.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Net cash used in financing activities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 219.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="3" id="f-310">18,142</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 219.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="3" id="f-311">404,343</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 234.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net increase in cash and cash equivalents<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 234.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" format="ixt:num-dot-decimal" scale="3" id="f-312">343,313</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 234.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" format="ixt:num-dot-decimal" scale="3" id="f-313">66,583</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Cash and cash equivalents at beginning of year<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 249.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-314">323,483</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 249.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-20" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-315">350,014</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 264.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Effects of currency translation on cash and cash equivalents<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 264.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents1" format="ixt:num-dot-decimal" scale="3" id="f-316">1,767</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 264.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-3" sign="-" name="bxmt:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents1" format="ixt:num-dot-decimal" scale="3" id="f-317">2,611</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 279.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Cash and cash equivalents at end of year<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 279.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-318">668,563</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 279.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-3" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-319">413,986</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 294.75pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Supplemental disclosure of cash flows information<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 309pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Payments of interest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 309pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.71pt;"></span></span><span style="left: 25.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestPaidNet" format="ixt:num-dot-decimal" scale="3" id="f-320">245,428</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 309pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.71pt;"></span></span><span style="left: 25.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:InterestPaidNet" format="ixt:num-dot-decimal" scale="3" id="f-321">343,609</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 324pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Payments of income taxes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 324pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.21pt;"></span></span><span style="left: 42.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:IncomeTaxesPaidNet" scale="3" id="f-322">782</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 324pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 27.71pt;"></span></span><span style="left: 35.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:IncomeTaxesPaidNet" format="ixt:num-dot-decimal" scale="3" id="f-323">1,161</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 339pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Supplemental disclosure of non-cash investing and financing activities<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 353.25pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends declared, not paid<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 353.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 22.71pt;"></span></span><span style="left: 30.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-324">80,644</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 353.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.71pt;"></span></span><span style="left: 25.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-325">107,678</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 368.25pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loan principal payments held by servicer, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 368.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:LoanPrincipalPaymentsHeldByServicer" scale="3" id="f-326">577</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 368.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:LoanPrincipalPaymentsHeldByServicer" format="ixt:num-dot-decimal" scale="3" id="f-327">90,006</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 383.25pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Transfer of senior loan to real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 383.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:TransferToOtherRealEstate" format="ixt:num-dot-decimal" scale="3" id="f-328">34,721</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 383.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:TransferToOtherRealEstate" format="ixt:num-dot-decimal" scale="3" id="f-329">60,203</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 398.25pt; width: 361.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 361.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Assumption of other assets and liabilities related to real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 398.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealEstateOwnedAssumptionOfOtherAssetsAndLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-330">10,323</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 398.25pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:RealEstateOwnedAssumptionOfOtherAssetsAndLiabilities" format="ixt:fixed-zero" scale="3" id="f-331">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; white-space: pre;"><span style="left: 58.5pt; position: var(--position); width: 0pt;"><span style="display: inline-block; height: 6.93pt; width: 36pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); top: 530.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 182.38pt; position: var(--position); white-space: pre;">See accompanying notes to consolidated financial statements.<span style="display: inline-block; height: 6.94pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.5pt; position: var(--position); white-space: pre;">9<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 25.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 37.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 186.74pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_34"></div><div style="position: absolute; top: 77.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_37"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 77.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">1. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" id="f-332" continuedAt="f-332-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">ORGANIZATION <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-332-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 95pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">References herein to &#8220;Blackstone Mortgage Trust,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221; refer to Blackstone Mortgage Trust,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 396.75pt;">Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 455.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 130pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 141.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 153pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 176pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 187.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 199pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">financing, depending on our view of the most prudent financing option available for each of our investments. We are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 222pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 476.71pt;">real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol &#8220;BXMT.&#8221;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.28pt;"> Our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 404.33pt;">principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 280pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 313.08pt;">company and conduct our business primarily through our various subsidiaries.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="position: absolute; top: 332.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_40"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 10pt;">2. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock" id="f-333" continuedAt="f-333-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 260.97pt;">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 329.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-333-1" continuedAt="f-333-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 350pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 361.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">principles generally accepted in the United States of America, or GAAP, for interim financial information and the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 373pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 384.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 396pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 407.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 419pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">operating results presented for interim periods are not necessarily indicative of the results that may be expected for any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 430.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 442pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.87pt;">the fiscal year ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 143.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 260.83pt;"> filed with the Securities and Exchange Commission, or the SEC.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 483pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" id="f-334" continuedAt="f-334-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 89.37pt;">Basis of Presentation<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-334-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 500.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 512pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 523.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 414.72pt;">primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 553pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ConsolidationPolicyTextBlock" id="f-335" continuedAt="f-335-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 115.47pt;">Principles of Consolidation<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 173.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-335-1" continuedAt="f-335-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 582pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 605pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">for the entity to finance its activities without additional subordinated financial support from other parties. The entity that<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 616.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 628pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">that most significantly affect the VIE&#8217;s economic performance and (ii) the right to receive benefits from the VIE or the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 639.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 651pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 662.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 360.71pt;">consolidated when we control the entity through a majority voting interest or other means.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 686pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">For consolidated joint ventures, the non-controlling partner&#8217;s share of the assets, liabilities, and operations of each joint<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 697.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">venture is included in non-controlling interests as a component of total equity. The non-controlling partner&#8217;s interest is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 709pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 288.25pt;">generally computed as the joint venture partner&#8217;s ownership percentage.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 346.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">10<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-2" continuedAt="f-333-3"><div><ix:continuation id="f-335-2" continuedAt="f-335-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 282.66pt;">investment is accounted for under the equity method of accounting.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.25pt;"> Investments in unconsolidated entities are initially<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 445.38pt;">recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 492.2pt;">factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a curren<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;">t<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">temporary, we will record an impairment charge sufficient to reduce the investment&#8217;s carrying value to its fair value, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.82pt;">loss and cannot be written up to a higher value as a result of increases in fair value.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker &amp; Dunlop Inc. to originate, hold,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker &amp;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.01pt;">Dunlop contributed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-62" decimals="2" name="us-gaap:MinorityInterestOwnershipPercentageByNoncontrollingOwners" scale="-2" id="f-336">15</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 159.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 214.7pt;"> of the venture&#8217;s equity capital and we contributed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 374.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-63" decimals="2" name="us-gaap:MinorityInterestOwnershipPercentageByParent" scale="-2" id="f-337">85</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.55pt;">. We consolidate the Multifamily Joint<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker &amp; Dunlop. A portion of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">Multifamily Joint Venture&#8217;s consolidated equity and results of operations are allocated to these non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 273.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.09pt;">based on Walker &amp; Dunlop&#8217;s pro rata ownership of our Multifamily Joint Venture.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 280.01pt;">In 2024, we entered into a joint venture, which we refer to as our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 338.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.68pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 439.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 114.29pt;">, with a Blackstone-advised<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 233.83pt;">investment vehicle to invest in triple net lease properties. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.33000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.86pt;">We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 94.96pt;"> do not consolidate the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.01pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 499.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.34pt;"> as we do not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 250.11pt;">have a controlling financial interest. Our investment in the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 308.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 101.58pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 143.28pt;"> is accounted for under the equity<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">method, and is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343pt; width: 612pt;"><ix:continuation id="f-335-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 478.1pt;">of income (loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 536.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 372.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:UseOfEstimates" id="f-338" continuedAt="f-338-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.5pt;">Use of Estimates<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-338-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 390pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 401.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 413pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 424.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 303.74pt;">period. Actual results may ultimately differ materially from those estimates.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 454pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:RevenueRecognitionInterest" id="f-339" continuedAt="f-339-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 90.2pt;">Revenue Recognition<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 148.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-339-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 471.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 483pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 494.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 376.05pt;">investments is deferred and recorded over the term of the loan as an adjustment to yield.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.08pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 114.84pt;">Income accrual is generally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.8pt;">suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 517.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.48pt;">of income and principal becomes doubtful<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 229.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 321.01pt;"> Interest received is then recorded as income or as a reduction in the amortized<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 540.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.79pt;">current <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 89.28999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 193.94pt;">and performance is demonstrated to be resumed.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 283.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 270.24pt;"> In addition, for loans we originate, the related origination expenses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 552pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 563.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 193.63pt;">general and administrative expenses as incurred.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="f-340" continuedAt="f-340-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 117.49pt;">Cash and Cash Equivalents<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 175.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-340-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 610.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.98pt;">less<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 477.4pt;"> We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 633.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 645pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 220.8pt;">expect, any losses on our cash or cash equivalents. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.14pt;">As of both <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.2pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 396.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.05pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 419.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.16pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 501.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.81pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 508.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.39pt;">we had<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 539.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.31pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 543.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="INF" name="us-gaap:RestrictedCash" format="ixt:fixed-zero" scale="0" id="f-341"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="INF" name="us-gaap:RestrictedCash" format="ixt:fixed-zero" scale="0" id="f-342">no</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 656.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.15pt;">restricted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 137.06pt;"> cash on our consolidated balance <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.41pt;">sheets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 257.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 686pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:FinanceLoansAndLeasesReceivablePolicy" id="f-343" continuedAt="f-343-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.65pt;">Loans Receivable<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-343-1" continuedAt="f-343-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 703.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">We originate and purchase commercial real estate debt and related instruments generally to be held as long-term<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 715pt; width: 612pt;"><ix:continuation id="f-343-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 120.94pt;">investments at amortized cost.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 179.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">11<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-3" continuedAt="f-333-4"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:CreditLossFinancialInstrumentPolicyTextBlock" id="f-344" continuedAt="f-344-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 173.69pt;">Current Expected Credit Losses Reserve<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-344-1" continuedAt="f-344-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">Accounting Standards Codification, or ASC, Topic 326 &#8220;Financial Instruments &#8211; Credit Losses,&#8221; or ASC 326, reflects our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">should be based on relevant information about past events, including historical loss experience, current portfolio and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 140.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 163.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 175pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 320.16pt;">loss, regardless of credit quality, subordinate capital, or other mitigating factors.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 198.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&amp;A Topic 326, No. 1.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 221.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">each of our loans over their expected remaining term, taking into consideration expected economic conditions over the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 244.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 256pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 267.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 469.45pt;">weighted model that considers the likelihood of default and expected loss given default for each such individual loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 527.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 302.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 325.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 337pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 348.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 137.9pt;">since January 1, 1999 through <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.66pt;">February&#160;28, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 277.32pt;">. Within this database, we focused our historical loss reference<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 360pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 371.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 383pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 394.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 142.88pt;">comparable dataset to our portfolio.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 201.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 429.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 441pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 464pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 389.25pt;">internal risk rating of each loan as the primary credit quality indicator underlying our assessment.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 447.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 499pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 510.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 468.37pt;">assets. We have identified the following pools and measure the reserve for credit losses using the following methods:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 526.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 528pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.25pt;">U.S. Loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 143.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 409.68pt;">: WARM method that incorporates a subset of historical loss data, expected weighted-average<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 539.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.58pt;">remaining maturity of our loan pool, and an economic view.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 335.08000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 557pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.74pt;">Non-U.S. Loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 163.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 390.24pt;">: WARM method that incorporates a subset of historical loss data, expected weighted-average<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 568.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.58pt;">remaining maturity of our loan pool, and an economic view.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 335.08000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 586pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.71pt;">Unique Loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 345.75pt;">: a probability of default and loss given default model, assessed on an individual basis.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 499.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 603.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.28pt;">Impaired Loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.97pt;">: <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 171.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 381.69pt;">impairment is indicated when it is deemed probable that we will not be able to collect all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.83pt;">amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 626.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.96pt;">significant judgment from management and is based on several factors including (i) the underlying collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 638pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 459pt;">performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 649.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">the borrower&#8217;s ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 661pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.9pt;">impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 672.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.88pt;">collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 684pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.83pt;">the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 695.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.92pt;">These valuations require significant judgments, which include assumptions regarding capitalization rates, discount<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 707pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.92pt;">rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 718.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">12<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-4" continuedAt="f-333-5"><div><ix:continuation id="f-344-2" continuedAt="f-344-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.87pt;">ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.87pt;">consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 382.54pt;">concluded if, in our determination, it is nearly certain that all amounts due will not be collected.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 118pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.82pt;">Contractual Term and Unfunded Loan Commitments<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 270.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 269.71pt;">the contractual term for purposes of computing our CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 328.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 182pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 205pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.52pt;">receivable.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.02000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.67pt;">Credit Quality Indicator<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 156.17000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 275pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 298pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 309.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 321pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">scale, our loans are rated &#8220;l&#8221; through &#8220;5,&#8221; from less risk to greater risk, relative to our loan portfolio in the aggregate, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 120.41pt;">ratings are defined as follows:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 350pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.83pt;">1 -<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.4pt;">Very Low Risk<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 158.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 367.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.83pt;">2 -<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.82pt;">Low Risk<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 135.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 385pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.83pt;">3 -<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.02pt;">Medium Risk<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 152.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 402.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.83pt;">4 -<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 124.63pt;">High Risk/Potential for Loss:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 219.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.87pt;"> A loan that has a risk of realizing a principal loss.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 420pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.83pt;">5 -<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 95.94pt;">Impaired/Loss Likely:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 190.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 362.93pt;"> A loan that has a very high risk of realizing a principal loss or has otherwise incurred a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 431.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.05pt;">principal loss.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 461pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 142.37pt;">Estimation of Economic Conditions<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 200.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 478.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 490pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 501.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 513pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 524.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 536pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">economic conditions may have on our loan portfolio&#8217;s performance. We generally also incorporate information from other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 559pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">sources, including information and opinions available to our Manager, to further inform these estimations. This process<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">requires significant judgments about future events that, while based on the information available to us as of the balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 582pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593.5pt; width: 612pt;"><ix:continuation id="f-344-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 136.21pt;">from the estimates we made as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 194.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 258.28999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 260.78999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 623pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:RealEstateOwnedPolicyPolicyTextBlock" id="f-345" continuedAt="f-345-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.6pt;">Real Estate Owned<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-345-1" continuedAt="f-345-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 640.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 652pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 663.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 351.88pt;">making at the property, resulting in us consolidating the real estate assets as VIEs.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.42pt;"> Th<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 127.62pt;">ese real estate acquisitions are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 675pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 686.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.29pt;">acquisition date in accordance with the ASC Topic 805, &#8220;Business Combinations.&#8221;<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 710pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 721.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">buildings, tenant improvements, &#8220;above-market&#8221; and &#8220;below-market&#8221; leases, acquired in-place leases, other identified<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">13<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-5" continuedAt="f-333-6"><div><ix:continuation id="f-345-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.79pt;">liabilities. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 103.28999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 450.07pt;"><span style="background-color: inherit;">We assess and consider fair value based on estimated cash flow projections that utilize discount and/or</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;"><span style="background-color: inherit;">capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;"><span style="background-color: inherit;">are based on a number of factors including the historical operating results, known and anticipated trends, and market and</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 87.96pt;"><span style="background-color: inherit;">economic conditions. </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.45999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.32pt;">We capitalize acquisition-related costs associated with asset acquisitions.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets&#8217;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 139.62pt;">estimated useful lives of up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonNumeric contextRef="c-64" name="bxmt:RealEstateOwnedUsefulLife" format="ixt-sec:duryear" id="f-346">40</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.41pt;"> years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.61pt;"> for buildings and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonNumeric contextRef="c-65" name="bxmt:RealEstateOwnedUsefulLife" format="ixt-sec:duryear" id="f-347">10</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.41pt;"> years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 197.85pt;"> for tenant improvements. Renovations and/or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.55pt;">repairs and maintenance are expensed as incurred.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.61pt;">asset exceeds the undiscounted cash <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 164.09pt;">flows over the remaining holding period<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 372.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 114.13pt;">, the asset is considered for <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.04pt;">impairment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 532.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.07pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 537.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 165.84pt;">impairment loss is recognized when the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 224.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 187.39pt;">carrying value of the real estate assets exceed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 411.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.57pt;"> their fair value. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 72.1pt;"><span style="background-color: inherit;">The evaluation of</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;"><span style="background-color: inherit;">anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 422.46pt;"><span style="background-color: inherit;">rates, capital requirements and anticipated holding periods that could differ materially from actual results.</span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 &#8220;Property,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 274pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">Plant, and Equipment.&#8221; Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 288.18pt;">reported at the lower of its carrying value or fair value less cost to sell<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 346.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 206.65pt;">. If circumstances arise and we decide not to sell a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.05pt;">investment, and (ii) its estimated fair value at the time of reclassification.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 355pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.44pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.08pt;">, we had <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.97pt;"><ix:nonFraction unitRef="real_estate_owned_asset" contextRef="c-3" decimals="INF" name="bxmt:RealEstateOwnedNumberOfAssetsClassifiedAsHeldForSale" format="ixt-sec:numwordsen" scale="0" id="f-348">eight</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 238.3pt;">REO assets which were all classified as held for investment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 443.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 384.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock" id="f-349" continuedAt="f-349-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 176.8pt;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-349-1" continuedAt="f-349-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 402pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">In the second quarter of 2024, we entered into an agreement with M&amp;T Realty Capital Corporation, or MTRCC, a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 413.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">subsidiary of M&amp;T Bank, that allows our borrowers to access multifamily agency financing through MTRCC&#8217;s Fannie<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 425pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 250.2pt;">Mae DUS and Freddie Mac Optigo lending platforms, or the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 308.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.37pt;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 476.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.42pt;">. We will receive a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 448pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 459.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 234.5pt;">to MTRCC for origination under the Fannie Mae program.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 489pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.59pt;">Revenue Recognition<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">obligations in accordance with the "Revenue from Contracts with Customers" Topic of the FASB, or ASC 606. Our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 541pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 552.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 245.21pt;">and will be reevaluated for collectability on a recurring basis.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.71000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.02pt;">Loss-sharing Obligation<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 611pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC&#8217;s obligation<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 634pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 645.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 376.55pt;">required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 669pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 692pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 471.82pt;"><ix:continuation id="f-349-2">of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets.</ix:continuation> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.06pt;">As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 703.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.81pt;">both <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 79.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 143.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.51pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.48000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.62pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 309.25pt;">, our maximum loss-sharing obligation associated with the loans referred by<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 715pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 206.13pt;">us to MTRCC under the Fannie Mae program was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 264.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.15pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:GuaranteeObligationsMaximumExposure" format="ixt:num-dot-decimal" scale="6" id="f-350">3.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.39pt;">, and we have recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.17pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.17pt;">a related liability of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:GuaranteeObligationsCurrentCarryingValue" format="ixt:num-dot-decimal" scale="0" id="f-351">20,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 524.8399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.3pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.29pt;">There<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 726.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.72pt;">have been <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 101.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">no<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 230.33pt;"> losses incurred as a result of the loss-sharing obligations.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">14<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-6" continuedAt="f-333-7"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:DerivativesPolicyTextBlock" id="f-352" continuedAt="f-352-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 141.54pt;">Derivative Financial Instruments<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 200.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-352-1" continuedAt="f-352-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.19pt;">at fair value.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 108.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 118pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 141pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">designation at the contract&#8217;s inception. This documentation includes the identification of the hedging instruments and the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 175.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 187pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 155.07pt;">effectiveness of its hedged transaction.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 222pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 256.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 279.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 302.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 325.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 337pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 348.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 360pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 371.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 201.94pt;">fair value are included in net income concurrently.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 395pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 406.5pt; width: 612pt;"><ix:continuation id="f-352-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 246.66pt;">cash flows in the same section as the underlying hedged item.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.15999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:DebtPolicyTextBlock" id="f-353" continuedAt="f-353-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.97pt;">Secured Debt and Asset-Specific Debt<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-353-1" continuedAt="f-353-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 465pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 476.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 488pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 223.9pt;">separately on our consolidated statements of operations.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 517.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:LoanParticipationsPolicyTextBlock" id="f-354" continuedAt="f-354-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 106.05pt;">Loan Participations Sold<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-354-1" continuedAt="f-354-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 535pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 546.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">consolidated balance sheet, however this gross presentation does not impact stockholders&#8217; equity or net income. When the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 604pt; width: 612pt;"><ix:continuation id="f-354-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.31pt;">we sold.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">15<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-7" continuedAt="f-333-8"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:continuation id="f-353-2" continuedAt="f-353-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.46pt;">Term Loans<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 110.96000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:continuation></div><ix:continuation id="f-353-3" continuedAt="f-353-4"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.68pt;">expense.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 124pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 91.02pt;">Senior Secured Notes<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 141.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 153pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.82pt;">cash interest expense.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 194pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.87pt;">Convertible Notes<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 135.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 211.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 223pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 234.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 246pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 229.43pt;">convertible notes as additional non-cash interest expense.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 287pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.34pt;">Deferred Financing Costs<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 167.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 304.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">The deferred financing costs that are included as a reduction in the net book value of the related liability on our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 316pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 327.5pt; width: 612pt;"><ix:continuation id="f-353-4"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 360.06pt;">interest expense using the effective interest method over the life of the related obligations.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 418.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 357pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:StockholdersEquityPolicyTextBlock" id="f-355" continuedAt="f-355-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 201pt;">Underwriting Commissions and Offering Costs<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 259.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-355-1" continuedAt="f-355-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 374.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 386pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 397.5pt; width: 612pt;"><ix:continuation id="f-355-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.59pt;">stock offering are expensed when incurred.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 231.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 427pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueOfFinancialInstrumentsPolicy" id="f-356" continuedAt="f-356-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 153.77pt;">Fair Value of Financial Instruments<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-356-1" continuedAt="f-356-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 444.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 244.91pt;">The &#8220;Fair Value Measurements and Disclosures&#8221; Topic o<span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.40999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 249.94pt;"><span style="background-color: inherit;">f the FASB, or ASC 820, defines fair value, establishes a</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 456pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;"><span style="background-color: inherit;">framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP.</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 467.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;"><span style="background-color: inherit;">Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 479pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 446.02pt;"><span style="background-color: inherit;">asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.</span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 502.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 514pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">measuring financial instruments. Market price observability is affected by a number of factors, including the type of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 525.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 537pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">existence and transparency of transactions between market participants. Financial instruments with readily available quoted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 548.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 560pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 115.7pt;">used in measuring fair value.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 174.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 583.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 595pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.83pt;">used in the determination, as follows:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 612.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.97pt;">Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 624pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.16pt;">financial instruments as of the reporting date.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.65999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 641.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.99pt;">Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 653pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.99pt;">or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 664.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 333.76pt;">observable inputs, such as interest rates, yield curves, credit risks, and default rates.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 428.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 682pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.9pt;">Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 693.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 459pt;">any, market activity for the financial instrument. These inputs require significant judgment or estimation by<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 705pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.97pt;">management of third-parties when determining fair value and generally represent anything that does not meet the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 716.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.64pt;">criteria of Levels 1 and 2.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">16<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-356-2" continuedAt="f-356-3"><ix:continuation id="f-333-8" continuedAt="f-333-9"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.82pt;">nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.34pt;">in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 69.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.99pt;">Note 19<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 450.67pt;">. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 111.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 134.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 137.35pt;">of other lenders, and other factors.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.7pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.84pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.98pt;">, we had an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.98pt;">$<ix:nonFraction unitRef="usd" contextRef="c-66" decimals="-5" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="6" id="f-357">555.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.86pt;"> asset-specific CECL reserve related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="loan" contextRef="c-67" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-358">13</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.64pt;"> of our loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 219.2pt;">receivable with an aggregate amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 277.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.06pt;">$<ix:nonFraction unitRef="usd" contextRef="c-66" decimals="-8" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="9" id="f-359">1.5</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 324.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 228.68pt;">, net of cost-recovery proceeds. The CECL reserve was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 192.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 402.17pt;">recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.78pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 524.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.95pt;">. These<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 215.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">receivable by considering a variety of inputs including property performance, market data, and comparable sales, as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 238.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 317.52pt;">the future sale price of the underlying real estate collateral, which ranged from <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 376.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-68" decimals="4" name="us-gaap:LoansHeldForSaleMeasurementInput" scale="-2" id="f-360">6.00</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.97pt;"> to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 414.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-69" decimals="4" name="us-gaap:LoansHeldForSaleMeasurementInput" scale="-2" id="f-361">8.00</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 440.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 112.78pt;">, and the unlevered discount<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 261.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 146.52pt;">rate assumption, which ranged from <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-70" decimals="4" name="us-gaap:LoansHeldForSaleMeasurementInput" scale="-2" id="f-362">7.00</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;"> to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.83pt;"><ix:nonFraction unitRef="number" contextRef="c-71" decimals="4" name="us-gaap:LoansHeldForSaleMeasurementInput" scale="-2" id="f-363">15.00</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.57pt;">In the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.29pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.02pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.62pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.34pt;">, we acquired legal title to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="real_estate_owned_asset" contextRef="c-3" decimals="INF" name="bxmt:AssetAcquisitionNumberOfAssetsAcquired" format="ixt-sec:numwordsen" scale="0" id="f-364">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 197.59pt;"> REO asset through a deed-in-lieu of foreclosure<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 296.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">transaction. At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 319.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">data, and comparable sales. The REO asset was measured at fair value on a nonrecurring basis using significant<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 342.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 252.73pt;">employed include (i) the exit capitalization rate assumption of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-72" decimals="4" name="bxmt:PropertyPlantAndEquipmentMeasurementInput" scale="-2" id="f-365">8.55</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 216.36pt;"> used to forecast the future sale price of the asset, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 354pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 183.96pt;">(ii) the unlevered discount rate assumption of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.83pt;"><ix:nonFraction unitRef="number" contextRef="c-73" decimals="4" name="bxmt:PropertyPlantAndEquipmentMeasurementInput" scale="-2" id="f-366">10.55</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.28999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.95pt;">. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 4<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.43pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 19<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 108.77pt;"> for additional information.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 377.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 389pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 400.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 459.68pt;">instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.1800000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 424pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 435.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.39pt;">it is practicable to estimate that value:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 409.77pt;">Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 504.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 470.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.92pt;">Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 482pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.99pt;">taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 493.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.89pt;">major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 505pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.49pt;">lenders, and other factors.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 522.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.99pt;">Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 534pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.9pt;">using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 545.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.25pt;">comprising foreign currency rates and credit spreads.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 563pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.92pt;">Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 574.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 136.21pt;">facility would currently be priced.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 603.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.88pt;">service providers. In determining the value of a particular investment, pricing service providers may use broker-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.96pt;">dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 626.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.25pt;">reported price.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 644pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.95pt;">Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 655.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.53pt;">agreement would currently be priced.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 673pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.84pt;">Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 684.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.13pt;">loan receivable asset.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 702pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.97pt;">Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 713.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.91pt;">providers. In determining the value of a particular investment, pricing service providers may use broker-dealer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">17<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-333-9" continuedAt="f-333-10"><div><ix:continuation id="f-356-3" continuedAt="f-356-4"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.9pt;">quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.46pt;">price.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.96000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 459pt;">Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.91pt;">providers. In determining the value of a particular investment, pricing service providers may use broker-dealer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.9pt;">quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.46pt;">price.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.96000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.85pt;">Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><ix:continuation id="f-356-4"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.44pt;">using quoted market prices.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 176pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:IncomeTaxPolicyTextBlock" id="f-367" continuedAt="f-367-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.12pt;">Income Taxes<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 117.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-367-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 205pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 75.44pt;">penalties. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 133.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 17<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 108.77pt;"> for additional information.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 269pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy" id="f-368" continuedAt="f-368-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 116.9pt;">Stock-Based Compensation<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 175.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-368-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 298pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 309.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 321pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.51pt;">common stock. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 157.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 18<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 108.77pt;"> for additional information.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 362pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:EarningsPerSharePolicyTextBlock" id="f-369" continuedAt="f-369-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.27pt;">Earnings per Share<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 141.76999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-369-1" continuedAt="f-369-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 379.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 391pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 402.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 414pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 425.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 437pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 448.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.37pt;">losses.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 483.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 402.26pt;">stock units, and shares of class A common stock issuable under our convertible notes. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.3pt;">Note 15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 494.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.36pt;"> for additional<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529.5pt; width: 612pt;"><ix:continuation id="f-369-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 130.16pt;">discussion of earnings per share.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 559pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="f-370" continuedAt="f-370-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.85pt;">Foreign Currency<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 135.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-370-1" continuedAt="f-370-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 588pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 599.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 611pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 634pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 645.5pt; width: 612pt;"><ix:continuation id="f-370-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 119.59pt;">comprehensive income (loss).<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 675pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="f-371" continuedAt="f-371-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 154.87pt;">Recent Accounting Pronouncements<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 213.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-371-1" continuedAt="f-371-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 692.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">In November 2024, the FASB issued Account Standards Update, or ASU, 2024-04 &#8220;Debt with Conversion and Other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 704pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,&#8221;, or ASU 2024-04. ASU 2024-04<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 715.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">clarifies the accounting treatment for settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 727pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">effective on a prospective basis, with the option for retrospective application, for fiscal years beginning after December 15,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">18<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-371-2" continuedAt="f-371-3"><ix:continuation id="f-333-10" continuedAt="f-333-11"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">2025. We have not early adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 163.4pt;">on our consolidated financial statements.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">In November 2024, the FASB issued ASU 2024-03 &#8220;Expense Disaggregation Disclosures (Subtopic 220-40):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">Disaggregation of Income Statement Expenses,&#8221; or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">financial statements on specified information about certain costs and expenses for each interim and annual reporting period.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">beginning after December 15, 2026, for interim periods within fiscal years beginning after December 15, 2027, and early<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to have a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 228.27pt;">material impact on our consolidated financial statements.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">In December 2023, the FASB issued ASU 2023-09 &#8220;Income Taxes (Topic 740): Improvements to Income Tax<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">Disclosures,&#8221; or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity&#8217;s effective tax rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239pt; width: 612pt;"><ix:continuation id="f-371-3"><ix:continuation id="f-333-11"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 135.07pt;">consolidated financial statements.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 268.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_43"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 268.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;"> 3. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:FinancingReceivablesTextBlock" id="f-372" continuedAt="f-372-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 71pt; position: var(--position); text-decoration: none; white-space: pre;">LOANS RECEIVABLE, NET <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-372-1" continuedAt="f-372-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:OverallStatisticsForLoansReceivablesPortfolioTableTextBlock" id="f-373" continuedAt="f-373-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 378.71pt;">The following table details overall statistics for our loans receivable portfolio ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 437.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-373-1"><div style="position: var(--position); top: 303.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 333.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.06pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Number of loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 12.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 51.39pt;"></span></span><span style="left: 54.02pt; position: var(--position);"><ix:nonFraction unitRef="security_loan" contextRef="c-1" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-374">138</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 12.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 51.39pt;"></span></span><span style="left: 54.02pt; position: var(--position);"><ix:nonFraction unitRef="security_loan" contextRef="c-74" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-375">130</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Principal balance<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 27.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.89pt;"></span></span><span style="left: 27.02pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-376">19,217,768</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 27.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.89pt;"></span></span><span style="left: 27.02pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-377">19,203,126</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net book value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 42.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.89pt;"></span></span><span style="left: 27.02pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-378">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 42.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.89pt;"></span></span><span style="left: 27.02pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-379">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Unfunded loan commitments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 119.17999999999999pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 57.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 24.39pt;"></span></span><span style="left: 31.52pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-75" decimals="-3" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="3" id="f-380">1,033,229</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 57.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 24.39pt;"></span></span><span style="left: 31.52pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-76" decimals="-3" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="3" id="f-381">1,263,068</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 10.48pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average cash coupon<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 128.02pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 72.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 44.45pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt;"></span></span><span style="left: 44.45pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-3" decimals="4" name="us-gaap:LoansReceivableBasisSpreadOnVariableRate" scale="-2" id="f-382">3.39</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span><span style="left: 70.51pt; position: var(--position);">%<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 72.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 44.45pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt;"></span></span><span style="left: 44.45pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-4" decimals="4" name="us-gaap:LoansReceivableBasisSpreadOnVariableRate" scale="-2" id="f-383">3.46</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span><span style="left: 70.51pt; position: var(--position);">%<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average all-in yield<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 121.88pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 87.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 44.45pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt;"></span></span><span style="left: 44.45pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-1" decimals="4" name="bxmt:FinancingReceivableBasisSpreadOnVariableRateWeightedAverageAllInYield" scale="-2" id="f-384">3.70</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span><span style="left: 70.51pt; position: var(--position);">%<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 87.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 44.45pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt;"></span></span><span style="left: 44.45pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-74" decimals="4" name="bxmt:FinancingReceivableBasisSpreadOnVariableRateWeightedAverageAllInYield" scale="-2" id="f-385">3.78</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span><span style="left: 70.51pt; position: var(--position);">%<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 333.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 333.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average maximum maturity (years)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 185.43pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 102.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 58.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="bxmt:MortgageLoanOnRealEstateFinalMaturityTerm" format="ixt-sec:duryear" id="f-386">2.3</ix:nonNumeric><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 102.75pt; width: 78.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 58.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-74" name="bxmt:MortgageLoanOnRealEstateFinalMaturityTerm" format="ixt-sec:duryear" id="f-387">2.1</ix:nonNumeric><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 426.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">Unfunded commitments will primarily be funded to finance our borrowers&#8217; construction or development of real<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 447.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.96pt;">estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 459.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.05pt;">generally be funded over the term of each loan, subject in certain cases to an expiration date.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 470.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 482.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83pt;">rates, which include <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25pt;"><span style="-sec-ix-hidden:f-388"><span style="-sec-ix-hidden:f-389">SOFR</span></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 271.47pt;">, SONIA, EURIBOR, and other indices, as applicable to each loan. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.66pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 489.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.8pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 493.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.19pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.06pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.26pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 195.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.52pt;">substantially all of our loans by principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 145.86pt;"> earned a floating rate of interest,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 505.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.92pt;">primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 516.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 404.78pt;">and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 490.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.69pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.4pt;">Excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 528.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 279.12pt;">accounted for under the cost-recovery and nonaccrual methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 539.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 551.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.41pt;">prior to such date. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 357.67pt;">Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 523.5799999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.82pt;">. As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 562.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.56pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.49pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-3" decimals="2" name="bxmt:FinancingReceivablePercentOfLoansSubjectToPrepaymentRestrictions" scale="-2" id="f-390">17</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 376.52pt;"> of our loans by principal balance were subject to yield maintenance or other prepayment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 574.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.33pt;">restrictions and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.82999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-3" decimals="2" name="bxmt:FinancingReceivablePercentOfLoansNotSubjectToPrepaymentRestrictions" scale="-2" id="f-391">83</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 169.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.26pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 172.42000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 265.34pt;">were open to repayment by the borrower without penalty. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 437.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.06pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 517.8199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.76pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 523.5799999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-4" decimals="2" name="bxmt:FinancingReceivablePercentOfLoansSubjectToPrepaymentRestrictions" scale="-2" id="f-392">10</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 541.9100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.59pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 585.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 426.49pt;">our loans by principal balance were subject to yield maintenance or other prepayment restrictions and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-4" decimals="2" name="bxmt:FinancingReceivablePercentOfLoansNotSubjectToPrepaymentRestrictions" scale="-2" id="f-393">90</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.1pt;"> were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 597.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 208.13pt;">open to repayment by the borrower without penalty.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">19<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-372-2" continuedAt="f-372-3"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:DisclosureDetailsOfLoanReceivablePortfolioBasedOnFloorRateTableTextBlock" id="f-394" continuedAt="f-394-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 74.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 333.22pt;"> following table details the index rate floors for our loans receivable portfolio as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 470.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.68pt;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-394-1"><div style="position: var(--position); top: 72.2pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 261.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 261.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 0pt; width: 229.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 229.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 53.58pt; position: var(--position); text-decoration: none; white-space: pre;">Loans Receivable Principal Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Index Rate Floors<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">USD<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 13.54pt; position: var(--position); white-space: pre;">Non-USD<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 54.65pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 25.74pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Fixed Rate<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 27pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-78" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-395">161,794</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 27pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 52.54pt;"></span></span><span style="left: 60.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-79" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:fixed-zero" scale="3" id="f-396">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 27pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-80" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-397">161,794</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">0.00% or no floor<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 73.72pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 42pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-81" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-398">2,253,062</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 42pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-82" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-399">5,429,004</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 42pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-83" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-400">7,682,066</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">0.01% to 1.00% floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 57pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-84" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-401">3,831,152</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 57pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-85" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-402">383,878</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 57pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-86" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-403">4,215,030</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">1.01% to 2.00% floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 72pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-87" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-404">1,270,538</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 72pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-88" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-405">1,002,702</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 72pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-89" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-406">2,273,240</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2.01% to 3.00% floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 87pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-90" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-407">2,840,351</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 87pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-91" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-408">371,186</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 87pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-92" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-409">3,211,537</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">3.01% or more floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 102pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-93" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-410">1,340,478</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 102pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-94" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-411">333,623</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 102pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-95" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-412">1,674,101</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117pt; width: 261.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 261.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 23.7pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 265.5pt; position: var(--position); top: 117pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.54pt;"></span></span><span style="left: 25.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-96" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-413">11,697,375</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 343.5pt; position: var(--position); top: 117pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 22.54pt;"></span></span><span style="left: 30.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-97" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-414">7,520,393</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 117pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.54pt;"></span></span><span style="left: 25.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-415">19,217,768</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 209.2pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 218.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 230.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.54pt;">currencies.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 241.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.41pt;">Includes all impaired loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 195.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 253.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.5pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 175.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 377.77pt;">, the weighted-average index rate floor of our floating-rate loans receivable principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 264.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.14pt;">was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-98" decimals="4" name="bxmt:FinancingReceivableWeightedAverageIndexRateFloor" scale="-2" id="f-416">1.13</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 130.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 423.02pt;">. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 276.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-98" decimals="4" name="bxmt:FinancingReceivableWeightedAverageIndexRateFloorExcludingZeroPercentInterestRateFloors" scale="-2" id="f-417">1.74</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 299.7pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:ActivityInLoansReceivableTableTextBlock" id="f-418" continuedAt="f-418-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 327.43pt;">Activity relating to our loans receivable portfolio was as follows ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-418-1"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 323.2pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 278.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 278.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.8pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.11pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.33pt; position: var(--position); white-space: pre;">Balance<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 48.42pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.91pt; position: var(--position); white-space: pre;">Deferred Fees /<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.09pt; position: var(--position); white-space: pre;">Other Items<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 52.599999999999994pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.8pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.88pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 44.86pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 278.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loans Receivable, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.55pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 21.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-419">19,203,126</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 21.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 22.21pt;"></span></span><span style="left: 29.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" sign="-" name="us-gaap:FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount" format="ixt:num-dot-decimal" scale="3" id="f-420">155,608</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 21.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-421">19,047,518</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 36.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Loan fundings<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 36.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsToAcquireLoansReceivable" format="ixt:num-dot-decimal" scale="3" id="f-422">1,677,727</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 36.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 36.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaymentsToAcquireLoansReceivable" format="ixt:num-dot-decimal" scale="3" id="f-423">1,677,727</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 51.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Loan repayments, sales, and cost-recovery proceeds<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 51.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds" format="ixt:num-dot-decimal" scale="3" id="f-424">1,810,678</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 51.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds" format="ixt:num-dot-decimal" scale="3" id="f-425">18,923</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 51.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableBeforeAllowanceForCreditLossFeeAndLoanInProcessSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceeds" format="ixt:num-dot-decimal" scale="3" id="f-426">1,829,601</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 66.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Charge-offs<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 66.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcessWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-427">50,384</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 66.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-428">8,560</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 66.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-429">41,824</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 81.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Transfer to real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 81.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:TransferToOtherRealEstate" format="ixt:num-dot-decimal" scale="3" id="f-430">34,721</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 81.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 81.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:TransferToOtherRealEstate" format="ixt:num-dot-decimal" scale="3" id="f-431">34,721</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Transfer to other assets, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 130.14pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 96.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossTransferToOtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-432">10,323</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 96.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 96.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossTransferToOtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-433">10,323</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 111.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Payment-in-kind interest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 111.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaidInKindInterest" format="ixt:num-dot-decimal" scale="3" id="f-434">3,570</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 111.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 111.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:PaidInKindInterest" format="ixt:num-dot-decimal" scale="3" id="f-435">3,570</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 126.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Unrealized gain (loss) on foreign currency translation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 126.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableGainLossOnForeignCurrencyTranslation" format="ixt:num-dot-decimal" scale="3" id="f-436">239,451</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 126.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 45.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableUnamortizedLoanFeeCostAndPurchasePremiumDiscountUnrealizedGainLossOnForeignCurrencyTranslation" scale="3" id="f-437">742</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 126.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossUnrealizedGainLossOnForeignCurrencyTranslation" format="ixt:num-dot-decimal" scale="3" id="f-438">238,709</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 141.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred fees and other items<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 141.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 141.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableDeferredFeesAndOtherItemsIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-439">11,965</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 141.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:FinancingReceivableDeferredFeesAndOtherItemsIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-440">11,965</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 156.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Amortization of fees and other items<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 156.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 156.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:AmortizationOfDeferredLoanOriginationFeesNet" format="ixt:num-dot-decimal" scale="3" id="f-441">10,622</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 156.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:AmortizationOfDeferredLoanOriginationFeesNet" format="ixt:num-dot-decimal" scale="3" id="f-442">10,622</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 171.75pt; width: 278.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loans Receivable, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.55pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 171.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-443">19,217,768</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 171.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 22.21pt;"></span></span><span style="left: 29.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" sign="-" name="us-gaap:FinancingReceivableUnamortizedLoanCommitmentOriginationFeeAndPremiumDiscount" format="ixt:num-dot-decimal" scale="3" id="f-444">168,056</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 171.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-445">19,049,712</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 186.75pt; width: 278.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 186.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-446">741,541</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 201.75pt; width: 278.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 278.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loans Receivable, net, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.75pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 201.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-447">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 544.95pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 556.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 133.33pt;">Other items primarily consist of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 334.64pt;">purchase and sale discounts or premiums, exit fees, deferred origination expenses,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 567.95pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.31pt;">and cost-recovery proceeds<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 194.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 579.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.96pt;">This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 590.95pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 218.9pt;">net of liabilities recorded upon acquisition, if any. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 6<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.02pt;"> for further information.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">20<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-372-3" continuedAt="f-372-4"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:TypesOfLoansInPortfolioTableTextBlock" id="f-448" continuedAt="f-448-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">&#160; <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-448-1" continuedAt="f-448-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.18pt;">($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 77pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 150pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 85.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 85.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 92.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="9" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 220.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.9pt; position: var(--position); text-decoration: none; white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 12.75pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.88pt; position: var(--position); text-decoration: none; white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 12.75pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.63pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 72.8pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 12.75pt; width: 92.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.04pt; position: var(--position); text-decoration: none; white-space: pre;">Net Loan Exposure <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.83pt; position: var(--position); text-decoration: none; white-space: pre;">Percentage of Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 34.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-99" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-449">52</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 34.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-100" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-450">5,417,246</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 34.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-100" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-451">5,239,108</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 34.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.9pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-101" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-452">30</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 48.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 48.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-102" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-453">41</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 48.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-103" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-454">5,925,523</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 48.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-103" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-455">5,190,538</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 48.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-104" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-456">29</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 63pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-105" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-457">17</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 63pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-458">2,857,777</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 63pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-106" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-459">2,745,468</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 63pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-107" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-460">15</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 77.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 77.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-108" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-461">14</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 77.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-462">2,590,953</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 77.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-109" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-463">2,558,417</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 77.25pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-110" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-464">14</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 91.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Retail<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 91.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-111" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-465">5</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 91.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-112" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-466">605,745</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 91.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-112" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-467">581,280</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 91.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-113" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-468">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 105.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Self-storage<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 105.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-114" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-469">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 105.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-470">632,208</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 105.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-115" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-471">471,183</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 105.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-116" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-472">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 120.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Life Sciences / Studio<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 120.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-117" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-473">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 120.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-118" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-474">341,401</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 120.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-118" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-475">335,452</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 120.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-119" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-476">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 135pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 135pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-120" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-477">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 135pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-121" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-478">678,859</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 135pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-121" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-479">641,886</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 135pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-122" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-480">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 149.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 149.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-1" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-481">138</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 149.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-482">19,049,712</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 149.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-483">17,763,332</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 149.25pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-123" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-484">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 163.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 163.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.96pt;"></span></span><span style="left: 45.59pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-485">741,541</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 177.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 177.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-486">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 11.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 203.25pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Geographic Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 203.25pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.9pt; position: var(--position); text-decoration: none; white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 203.25pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 85.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.88pt; position: var(--position); white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 69.61pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 203.25pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.63pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 72.8pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 203.25pt; width: 92.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.04pt; position: var(--position); text-decoration: none; white-space: pre;">Net Loan Exposure <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.83pt; position: var(--position); text-decoration: none; white-space: pre;">Percentage of Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 225pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">United States<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 225pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 225pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 225pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 239.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Sunbelt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 239.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-124" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-487">48</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 239.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-488">4,902,798</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 239.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-125" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-489">4,398,225</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 239.25pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.9pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-126" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-490">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 253.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Northeast<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 253.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-127" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-491">21</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 253.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-128" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-492">3,252,180</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 253.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-128" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-493">3,022,630</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 253.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-129" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-494">17</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 267.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">West<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 267.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-130" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-495">22</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 267.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-131" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-496">1,935,719</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 267.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-131" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-497">1,814,883</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 267.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-132" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-498">10</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 282pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Midwest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 282pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-133" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-499">11</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 282pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-134" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-500">943,864</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 282pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-134" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-501">797,296</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 282pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-135" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-502">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 296.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Northwest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 296.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-136" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-503">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 296.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-137" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-504">459,427</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 296.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-137" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-505">458,431</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 296.25pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-138" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-506">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 310.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 310.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-139" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-507">106</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 310.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-140" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-508">11,493,988</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 310.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-140" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-509">10,491,465</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 310.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-141" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-510">59</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 324.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">International<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 339pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">United Kingdom<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 339pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-142" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-511">16</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 339pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-143" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-512">3,088,887</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 339pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-143" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-513">3,016,245</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 339pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-144" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-514">17</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 353.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Ireland<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 353.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-145" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-515">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 353.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-146" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-516">1,115,753</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 353.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-146" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-517">1,110,602</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 353.25pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-147" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-518">6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 367.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Australia<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 367.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-148" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-519">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 367.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-149" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-520">1,062,241</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 367.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-149" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-521">1,066,203</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 367.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-150" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-522">6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 381.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Spain<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 381.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-151" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-523">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 381.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-152" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-524">802,613</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 381.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-152" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-525">758,165</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 381.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-153" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-526">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 396pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Sweden<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 396pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-154" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-527">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 396pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-155" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-528">473,437</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 396pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-155" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-529">473,728</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 396pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-156" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-530">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 410.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Canada<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 410.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-157" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-531">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 410.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-158" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-532">434,420</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 410.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-158" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-533">273,344</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 410.25pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-159" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-534">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 424.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Other Europe<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 424.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-160" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-535">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 424.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-161" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-536">517,620</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 424.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-161" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-537">512,645</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 424.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-162" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-538">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 438.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Other International<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 438.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-163" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-539">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 438.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 55.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-164" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-540">60,753</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 438.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 55.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-164" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-541">60,935</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 438.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-165" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" format="ixt:fixed-zero" scale="-2" id="f-542">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 453.75pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 453.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-166" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-543">32</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 453.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-167" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-544">7,555,724</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 453.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-167" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-545">7,271,867</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 453.75pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-168" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-546">41</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 468pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 468pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-1" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-547">138</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 468pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-548">19,049,712</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 314.25pt; position: var(--position); top: 468pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-549">17,763,332</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 468pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-123" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-550">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 482.25pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 482.25pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.96pt;"></span></span><span style="left: 45.59pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-551">741,541</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 496.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 225.75pt; position: var(--position); top: 496.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-552">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; position: var(--position); top: 592.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span><div style="font-size: 0pt; left: 61pt; position: var(--position); top: 2.43pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 604.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 400.56pt;">Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.76pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.8199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 614.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.72pt;">which is our principal balance net of (i) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$<ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-553">494.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.12pt;"> of asset-specific debt, (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:FinancingReceivableExcludingAccruedInterestUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceedsNet" format="ixt:num-dot-decimal" scale="6" id="f-554">117.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.54pt;"> of cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 625.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 243.59pt;">proceeds, (iii) our total loans receivable CECL reserve of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="6" id="f-555">741.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.94pt;">, and (iv) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-169" decimals="-5" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" format="ixt:num-dot-decimal" scale="6" id="f-556">101.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.12pt;">of junior loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 635.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 373.51pt;">interests that we have sold, but that remain included in our consolidated financial statements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 459.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.62pt;">. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.27pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 508.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.55pt;"> for further<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 646.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 158.41pt;">discussion of loan participations sold.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 309.5pt;"> Our asset-specific debt and loan participations sold are structurally non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 656.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 259.1pt;">recourse and term-matched to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">21<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-448-2"><ix:continuation id="f-372-4" continuedAt="f-372-5"><div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 150pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 66.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 85.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 85.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 92.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="9" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 215.19pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 12.75pt; width: 66.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.4pt; position: var(--position); text-decoration: none; white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 12.75pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.88pt; position: var(--position); text-decoration: none; white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 12.75pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.63pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 72.8pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 12.75pt; width: 92.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.04pt; position: var(--position); text-decoration: none; white-space: pre;">Net Loan Exposure <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.83pt; position: var(--position); text-decoration: none; white-space: pre;">Percentage of Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 34.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-170" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-557">41</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 34.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-171" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-558">7,386,333</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 34.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-171" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-559">5,729,418</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 34.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.9pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-172" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-560">33</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 49.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-173" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-561">50</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 49.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-174" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-562">5,091,767</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 49.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-174" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-563">4,934,364</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 49.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-175" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-564">29</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 64.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-176" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-565">16</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 64.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-177" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-566">2,768,374</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 64.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-177" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-567">2,663,349</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 64.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-178" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-568">16</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 79.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-179" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-569">11</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 79.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-180" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-570">2,030,627</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 79.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-180" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-571">2,000,831</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 79.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-181" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-572">12</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 94.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Retail<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 94.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-182" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-573">5</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 94.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-183" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-574">555,553</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 94.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-183" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-575">532,069</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 94.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-184" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-576">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 109.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Life Sciences/Studio<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 109.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-185" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-577">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 109.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-186" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-578">342,817</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 109.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-186" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-579">337,687</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 109.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-187" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-580">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 124.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 124.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-188" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-581">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 124.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-189" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-582">872,047</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 124.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-189" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-583">836,585</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 124.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-190" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-584">5</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 139.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 139.5pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 26.81pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-74" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-585">130</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 139.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-586">19,047,518</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 139.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-587">17,034,303</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 139.5pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-191" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-588">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 154.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 154.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.96pt;"></span></span><span style="left: 45.59pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-589">733,936</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 169.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 169.5pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-590">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 9.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 194.25pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Geographic Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 194.25pt; width: 66.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.4pt; position: var(--position); text-decoration: none; white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 194.25pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.88pt; position: var(--position); text-decoration: none; white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 194.25pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 85.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.63pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 72.8pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 194.25pt; width: 92.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.04pt; position: var(--position); text-decoration: none; white-space: pre;">Net Loan Exposure <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.83pt; position: var(--position); text-decoration: none; white-space: pre;">Percentage of Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 216pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">United States<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 216pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 216pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 216pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 231pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Sunbelt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 231pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-192" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-591">44</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 231pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-193" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-592">4,520,632</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 231pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-193" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-593">4,084,242</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 231pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.9pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-194" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-594">24</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 246pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Northeast<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 246pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-195" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-595">21</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 246pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-196" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-596">4,614,582</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 246pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-196" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-597">3,452,961</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 246pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-197" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-598">20</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 261pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">West<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 261pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-198" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-599">21</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 261pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-199" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-600">1,865,382</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 261pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-199" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-601">1,746,309</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 261pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-200" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-602">10</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 276pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Midwest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 276pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-201" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-603">10</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 276pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-202" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-604">997,156</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 276pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-202" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-605">820,858</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 276pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-203" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-606">5</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 291pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Northwest<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 291pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-204" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-607">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 291pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-205" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-608">432,644</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 291pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-205" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-609">432,794</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 291pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-206" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-610">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 306pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 306pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-207" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-611">100</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 306pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-208" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-612">12,430,396</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 306pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-208" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-613">10,537,164</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 306pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-209" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-614">62</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 321pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">International<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 336pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">United Kingdom<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 336pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-210" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-615">16</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 336pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-211" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-616">2,916,145</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 336pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-211" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-617">2,839,096</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 336pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-212" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-618">17</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 351pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Ireland<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 351pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-213" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-619">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 351pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-214" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-620">1,050,276</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 351pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-214" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-621">1,048,329</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 351pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-215" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-622">6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 366pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Australia<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 366pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-216" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-623">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 366pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-217" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-624">920,182</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 366pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-217" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-625">923,507</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 366pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-218" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-626">5</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 381pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Spain<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 381pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-219" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-627">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 381pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-220" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-628">785,368</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 381pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-220" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-629">744,287</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 381pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-221" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-630">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 396pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Sweden<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 396pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-222" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-631">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 396pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-223" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-632">429,084</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 396pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-223" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-633">429,724</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 396pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-224" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-634">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 411pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Other Europe<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 411pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-225" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-635">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 411pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-226" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-636">455,417</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 411pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 50.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-226" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-637">451,245</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 411pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-227" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-638">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 426pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Other International<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 426pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-163" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-639">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 426pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 55.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-228" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-640">60,650</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 426pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 55.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-228" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-641">60,951</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 426pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.06pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-229" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" format="ixt:fixed-zero" scale="0" id="f-642">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 441pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 441pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-230" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-643">30</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 441pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-231" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-644">6,617,122</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 441pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-231" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-645">6,497,139</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 441pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-232" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-646">38</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 456pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 456pt; width: 66.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 26.81pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-74" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-647">130</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 456pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-648">19,047,518</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 456pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-649">17,034,303</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 456pt; width: 92.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 92.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-191" decimals="2" name="us-gaap:ConcentrationRiskPercentage1" scale="-2" id="f-650">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 471pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 471pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-651">733,936</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 486pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 224.25pt; position: var(--position); top: 486pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.79pt;"></span></span><span style="left: 36.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-652">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 560pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 571.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.22pt;">N<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 92.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 403.63pt;">et loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.12pt;">December&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 583pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 105.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.07pt;">, which is our principal balance net of (i) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 272.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.27pt;">$<ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-8" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="9" id="f-653">1.2</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.84000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 107.47pt;"> of asset-specific debt, (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 426.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.04pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="bxmt:FinancingReceivableExcludingAccruedInterestUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceedsNet" scale="6" id="f-654">106.7</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 485.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.08pt;"> of cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 594.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">p<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 238.59pt;">roceeds, (iii) our total loans receivable CECL reserve of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" scale="6" id="f-655">733.9</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.94pt;">, and (iv) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-233" decimals="-5" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" scale="6" id="f-656">100.1</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.12pt;">of junior loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 606pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 373.51pt;">interests that we have sold, but that remain included in our consolidated financial statements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 459.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.62pt;">. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.27pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 508.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.55pt;"> for further<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 617.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.91pt;">discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 629pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 259.1pt;">recourse and term-matched to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">22<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-372-5" continuedAt="f-372-6"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; white-space: pre;"><span style="left: 58.5pt; position: var(--position); width: 81.93pt;">Loan Risk Ratings <span style="display: inline-block; height: 6.77pt; width: 26.07pt;"></span></span><span style="left: 166.5pt; position: var(--position); width: 0pt;"><span style="display: inline-block; height: 6.77pt; width: 36pt;"></span></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.43pt;">As further described in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.44pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.01pt;">, we evaluate our loan portfoli<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.57pt;">o on a quarterly <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 372.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 180.45pt;">basis. In conjunction with our quarterly loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 82.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 105.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">performance, structure, exit plan, and sponsorship. Loans are rated &#8220;1&#8221; (less risk) through &#8220;5&#8221; (greater risk), which ratings<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.42pt;">are defined in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 115.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 142.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 140.7pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:FinancingReceivableCreditQualityIndicatorsTableTextBlock" id="f-657" continuedAt="f-657-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-657-1" continuedAt="f-657-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 163.7pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 144pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 80.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 129.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 129.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 0pt; width: 347.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 347.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 147.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 144pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 144pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 51.68pt; position: var(--position); white-space: pre;">Risk Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 12.75pt; width: 80.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 80.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.15pt; position: var(--position); white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 12.75pt; width: 129.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 38.01pt; position: var(--position); text-decoration: none; white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 12.75pt; width: 129.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 129.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28.76pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 94.93pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 25.5pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-234" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-658">10</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 25.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 89.63pt;"></span></span><span style="left: 96.75999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-235" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-659">562,331</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 25.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 89.63pt;"></span></span><span style="left: 96.75999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-235" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-660">561,866</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39.75pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 39.75pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-236" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-661">20</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 39.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-237" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-662">3,324,353</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 39.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-237" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-663">3,324,516</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 54pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-238" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-664">75</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 54pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 86.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-239" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-665">10,728,778</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 54pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 86.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-239" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-666">10,093,832</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 68.25pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 68.25pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-240" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-667">20</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 68.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-241" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-668">2,912,484</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 68.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-241" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-669">2,813,943</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 82.5pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 82.5pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-242" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-670">13</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 82.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-243" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-671">1,521,766</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 82.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 97.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-243" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-672">969,175</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96.75pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 96.75pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 33.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-1" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-673">138</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 96.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 78.38pt;"></span></span><span style="left: 85.50999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-674">19,049,712</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 96.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 78.38pt;"></span></span><span style="left: 85.50999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-675">17,763,332</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 111pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 111pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.89pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-676">741,541</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 125.25pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 125.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 78.38pt;"></span></span><span style="left: 85.50999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-677">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 6pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 145.5pt; width: 347.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 347.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 141.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 158.25pt; width: 144pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 144pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 51.68pt; position: var(--position); white-space: pre;">Risk Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 158.25pt; width: 80.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 80.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.15pt; position: var(--position); white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 158.25pt; width: 129.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 129.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 38.01pt; position: var(--position); white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 158.25pt; width: 129.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 129.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28.76pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 94.93pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 171pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 171pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-244" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-678">11</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 171pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 82.88pt;"></span></span><span style="left: 90.00999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-245" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-679">1,919,280</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 171pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 89.63pt;"></span></span><span style="left: 96.75999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-245" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-680">994,056</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 185.25pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 185.25pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-246" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-681">21</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 185.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-247" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-682">3,346,881</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 185.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-247" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-683">3,349,347</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 199.5pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 199.5pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-248" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-684">65</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 199.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-249" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-685">9,246,692</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 199.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-249" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-686">8,818,346</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 213.75pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 213.75pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-250" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-687">20</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 213.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-251" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-688">2,707,104</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 213.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-251" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-689">2,622,877</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 228pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 228pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 35.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-252" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-690">13</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 228pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-253" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-691">1,827,561</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 228pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-253" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-692">1,249,677</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 242.25pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 242.25pt; width: 80.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 33.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-74" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-693">130</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 242.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 78.38pt;"></span></span><span style="left: 85.50999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-694">19,047,518</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 365.25pt; position: var(--position); top: 242.25pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 78.38pt;"></span></span><span style="left: 85.50999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:FinancingReceivableExcludingAccruedInterestNetLoansExposureAmount" format="ixt:num-dot-decimal" scale="3" id="f-695">17,034,303</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 256.5pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 256.5pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 91.89pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-696">733,936</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 270.75pt; width: 144pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 144pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 231.75pt; position: var(--position); top: 270.75pt; width: 129.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 129.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 78.38pt;"></span></span><span style="left: 85.50999999999999pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-697">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 453.7pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 463.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 400.56pt;">Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.76pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.8199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.72pt;">which is our principal balance net of (i) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$<ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-698">494.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.12pt;"> of asset-specific debt, (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:FinancingReceivableExcludingAccruedInterestUnamortizedLoanFeeCostAndPurchasePremiumDiscountSaleAndCollectionOfFinanceReceivablesAndCostRecoveryProceedsNet" format="ixt:num-dot-decimal" scale="6" id="f-699">117.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.54pt;"> of cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 486.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 243.59pt;">proceeds, (iii) our total loans receivable CECL reserve of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="6" id="f-700">741.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.94pt;">, and (iv) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-169" decimals="-5" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" format="ixt:num-dot-decimal" scale="6" id="f-701">101.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.12pt;">of junior loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.91pt;">interests that we have sold, but that remain included in our consolidated financial statements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.99pt;">. Our asset-specific debt<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 452.76pt;">and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 533.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 249.11pt;">Our loan portfolio had a weighted-average risk rating of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 307.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.5pt;"><ix:nonFraction unitRef="number" contextRef="c-4" decimals="1" name="bxmt:FinancingReceivableWeightedAverageRiskRating" scale="0" id="f-702"><ix:nonFraction unitRef="number" contextRef="c-3" decimals="1" name="bxmt:FinancingReceivableWeightedAverageRiskRating" scale="0" id="f-703">3.0</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.99pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.39pt;">as of both <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 374.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.56pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 443.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.41pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 467.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.52pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 544.7pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.25pt;">respectively<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">23<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-372-6" continuedAt="f-372-7"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Current Expected Credit Loss Reserve <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.06pt;">in our consolidated balance sheets. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.58pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 196.18pt;"> for further discussion of our CECL reserves. <span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock" id="f-704" continuedAt="f-704-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 471.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.11pt;">The following table<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-704-1" continuedAt="f-704-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 348.51pt;">presents the activity in our loans receivable CECL reserve by investment pool for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.9pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.93pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.68pt;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 117.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 216.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 216.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 216.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 0pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.05pt; position: var(--position); white-space: pre;">U.S. Loans<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.14pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 0pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.08pt; position: var(--position); text-decoration: none; white-space: pre;">Non-U.S.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;"> Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 0pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.19pt; position: var(--position); text-decoration: none; white-space: pre;">Unique<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;"> Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 0pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.64pt; position: var(--position); text-decoration: none; white-space: pre;">Impaired<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;"> Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 0pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.52pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 216.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans Receivable, Net<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 21.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 21.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 21.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 21.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 21.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 36.75pt; width: 216.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">CECL reserves as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.9pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 36.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-254" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-705">80,057</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 36.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-255" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-706">26,141</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 36.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-707">47,087</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 36.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-708">580,651</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 36.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-709">733,936</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 51.75pt; width: 216.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 51.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-258" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-710">17,604</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 51.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-259" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-711">13,796</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 51.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-260" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-712">1,477</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 51.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-261" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-713">16,552</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 51.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 19.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-714">49,429</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 66.75pt; width: 216.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Charge-offs of CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 66.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-258" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:fixed-zero" scale="3" id="f-715">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 66.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-259" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:fixed-zero" scale="3" id="f-716">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 66.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-260" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:fixed-zero" scale="3" id="f-717">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 66.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 16.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-261" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-718">41,824</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 66.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.71pt;"></span></span><span style="left: 18.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-719">41,824</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 81.75pt; width: 216.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">CECL reserves as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.9pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 81.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-262" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-720">97,661</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 81.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-263" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-721">39,937</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 81.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-722">48,564</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 81.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-723">555,379</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 81.75pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-724">741,541</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 112.5pt; width: 216.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">CECL reserves as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.9pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2023<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 112.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-266" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-725">78,335</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 112.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-267" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-726">31,560</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 112.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-268" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-727">49,371</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 112.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-269" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-728">417,670</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 112.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-20" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-729">576,936</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 127.5pt; width: 216.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">(Decrease) increase in CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 127.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.71pt;"></span></span><span style="left: 23.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-270" decimals="-3" sign="-" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-730">3,807</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 127.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 28.21pt;"></span></span><span style="left: 30.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-271" decimals="-3" sign="-" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" scale="3" id="f-731">770</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 127.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.71pt;"></span></span><span style="left: 23.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-272" decimals="-3" sign="-" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-732">5,918</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 127.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-273" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-733">245,942</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 127.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-734">235,447</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 142.5pt; width: 216.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Charge-offs of CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 142.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-270" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:fixed-zero" scale="3" id="f-735">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 142.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-271" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:fixed-zero" scale="3" id="f-736">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 142.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-272" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:fixed-zero" scale="3" id="f-737">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 142.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.71pt;"></span></span><span style="left: 18.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-273" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-738">61,013</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 142.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.71pt;"></span></span><span style="left: 18.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-739">61,013</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 157.5pt; width: 216.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 216.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">CECL reserves as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.9pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216.75pt; position: var(--position); top: 157.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-274" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-740">74,528</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 157.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-275" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-741">30,790</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 157.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-276" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-742">43,453</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 385.5pt; position: var(--position); top: 157.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-277" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-743">602,599</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 157.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 9.04pt;"></span></span><span style="left: 16.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-744">751,370</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; position: var(--position); top: 295pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 112.5pt; position: var(--position);"><span style="display: inline-block; height: 8.73pt; width: 18pt;"></span></span></span><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 5.73pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 311.04pt; width: 612pt;"><ix:continuation id="f-704-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.35pt;">Includes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 230.56pt;"> U.S. dollar-denominated loan that is located in Bermuda.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 366.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 334.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.32pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.9pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.23pt;">, we recorded a net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.13pt;"> of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.25pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossPeriodIncreaseDecrease" format="ixt:num-dot-decimal" scale="6" id="f-745">49.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 121.01pt;"> in the CECL reserves against<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 346.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 203.43pt;">our loans receivable portfolio, primarily due to a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 261.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.69pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="bxmt:FinancingReceivableExcludingAccruedInterestPeriodIncreaseDecreaseAndWriteoffNet" format="ixt:num-dot-decimal" scale="6" id="f-746">32.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.34pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.66pt;"> in our general CECL reserves, offset by charge-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 357.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 127.49pt;">offs of our CECL reserves of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.3pt;">$<ix:nonFraction unitRef="usd" contextRef="c-261" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="6" id="f-747">41.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 241.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 227.23pt;">, bringing our total loans receivable CECL reserve to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.3pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="6" id="f-748">741.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.8199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.55pt;"> as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 369.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.46pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.14pt;">. This <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 240pt;"> in our general CECL reserves was primarily as a result of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 131.66pt;">a change in the portfolio mix, as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 380.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 373.44pt;">loan repayments were offset by new originations, as well as changes in the historical loss rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 431.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 121.53pt;">. Additionally, we recorded an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 392.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 277.94pt;">increase in our asset-specific CECL reserves, primarily as a result of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 336.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-261" decimals="INF" name="bxmt:FinancingReceivableNumberOfNewLoansImpaired" format="ixt-sec:numwordsen" scale="0" id="f-749">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 350.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 202.61pt;"> additional loan that was impaired during the three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 403.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.39pt;">months ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 158.95pt;">, which was secured by an office asset.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.87pt;"> The office sector is generally facing reduced tenant<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 415.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">and capital markets demand in recent years. Impairments are each determined individually as a result of changes in the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 426.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 438.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 449.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 335.01pt;">borrower&#8217;s ability to pay the contractual amounts due under the terms of the loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 393.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 159.95pt;"> The income accrual was suspended on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 461.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.76pt;">the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-261" decimals="INF" name="bxmt:FinancingReceivableNumberOfNewLoansImpaired" format="ixt-sec:numwordsen" scale="0" id="f-750">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 220.36pt;"> loan that was impaired during the three months ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 308.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.65pt;">, as the recovery of income and principal was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 169.64pt;">doubtful. During the three months ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.08pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.6pt;">$<ix:nonFraction unitRef="usd" contextRef="c-261" decimals="-5" name="us-gaap:InterestAndFeeIncomeLoansAndLeases" format="ixt:num-dot-decimal" scale="6" id="f-751">2.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.76pt;"> of interest income on this loan. This<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 484.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.21000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 262.94pt;"> in the CECL reserves was partially offset by a resolution and a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 354.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.42pt;">$<ix:nonFraction unitRef="usd" contextRef="c-261" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="6" id="f-752">41.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.92pt;"> charge-off of the CECL reserve on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-261" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" format="ixt-sec:numwordsen" scale="0" id="f-753">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.67pt;"> previously impaired loan. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.89pt;">The resolution was the result of an acquisition of title through a deed-in-lieu of foreclosure<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 507.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">transaction related to an office property located in Chicago, IL, which is now included on our consolidated balance sheet as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.32pt;">an REO asset.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 542.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.7pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.84pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.98pt;">, we had an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.98pt;">$<ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-5" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="6" id="f-754">555.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.86pt;"> asset-specific CECL reserve related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="loan" contextRef="c-278" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-755">13</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.64pt;"> of our loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 553.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 219.46pt;">receivable, with an aggregate amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 277.96000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.78pt;">$<ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-8" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="9" id="f-756">1.5</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 324.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 228.67pt;">, net of cost-recovery proceeds. This CECL reserve was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 565.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 410.75pt;">recorded based on our estimation of the fair value of each of the loan's underlying collateral as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 469.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.8pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.11pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 541.1600000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.22pt;">No<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 588.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.26pt;">ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.22pt;">, we received an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 264.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.75pt;">$<ix:nonFraction unitRef="usd" contextRef="c-278" decimals="-5" name="us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment" format="ixt:num-dot-decimal" scale="6" id="f-757">18.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 234.36pt;"> of cash proceeds from such loans that were applied as a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 599.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 58.5pt; position: var(--position); width: 245.5pt;">reduction to the amortized cost basis of each respective loan. <span style="display: inline-block; height: 6.93pt; width: 6.5pt;"></span></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 623.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.74pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.88pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.15pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 162.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-279" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" format="ixt-sec:numwordsen" scale="0" id="f-758">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 250.38pt;"> of our performing loans with an amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 427.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 61pt;">$<ix:nonFraction unitRef="usd" contextRef="c-280" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="6" id="f-759">195.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.27pt;">, inclusive of a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 634.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.94pt;">$<ix:nonFraction unitRef="usd" contextRef="c-281" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="6" id="f-760">50.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.65pt;"> junior loan participation sold, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 311.31pt;">was past its current maturity date, was greater than 90 days past due on its<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 646.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">interest payment, and had a risk rating of &#8220;3.&#8221; This loan was not impaired as of March 31, 2025 as the estimated fair value<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 657.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">of the underlying collateral exceeded our basis in the loan. As of March 31, 2025, all other borrowers under performing<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 669.04pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.89pt;">interest.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.45pt;"> Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 341.34pt;"> for further discussion of our policies on revenue recognition and our CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">24<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-372-7" continuedAt="f-372-8"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:continuation id="f-657-2" continuedAt="f-657-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-657-3" continuedAt="f-657-4"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.59pt;">net book value of our loan portfolio as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 229.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.27pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 219.65pt;">, respectively, by year of origination, investment pool,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 127.4pt;">and risk rating ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 494.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 84.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="13" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 0pt; width: 406.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 406.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 98.19pt; position: var(--position); white-space: pre;">Net Book Value of Loans Receivable by Year of Origination<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 302.25pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="13" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 12.75pt; width: 406.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 406.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 166.93pt; position: var(--position); text-decoration: none; white-space: pre;">As of March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 22.06pt; position: var(--position); white-space: pre;">Risk Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2023<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2022<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2021<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.65pt; position: var(--position); text-decoration: none; white-space: pre;">Prior<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 25.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.64pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 38.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 52.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-761">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-762">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-763">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-764">151,381</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-765">215,728</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-766">114,183</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 52.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-282" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-767">481,292</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 66.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-768">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-769">60,754</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-770">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-771">197,014</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-772">1,628,396</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-773">152,678</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 66.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-283" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-774">2,038,842</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 81pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-775">554,167</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-776">270,141</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-777">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-778">1,537,931</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-779">2,187,705</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-780">931,344</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 81pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-284" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-781">5,481,288</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 95.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-782">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-783">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-784">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-785">363,173</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-786">842,455</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-787">970,948</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 95.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-285" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-788">2,176,576</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 109.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-789">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-790">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-791">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-792">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-793">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-794">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 109.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-286" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-795">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 123.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-796">554,167</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-797">330,895</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-798">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-799">2,249,499</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-800">4,874,284</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-801">2,169,153</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 4.13pt;"></span></span><span style="left: 11.260000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-287" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-802">10,177,998</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 138pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 152.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-803">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-804">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-805">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-806">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-807">81,039</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-808">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 152.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-288" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-809">81,039</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 166.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-810">92,018</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-811">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-812">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-813">467,554</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-814">619,179</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-815">106,760</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 166.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-289" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-816">1,285,511</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 180.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-817">851,629</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-818">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-819">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-820">626,990</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-821">1,421,084</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-822">1,249,321</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 180.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-290" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-823">4,149,024</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 195pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-824">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-825">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-826">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-827">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-828">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-829">207,305</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 195pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-291" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-830">207,305</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 209.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-831">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-832">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 40.13pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-833">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-834">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-835">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-836">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 209.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-292" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-837">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 223.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total Non-U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-838">943,647</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-839">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-840">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-841">1,094,544</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-842">2,121,302</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-843">1,563,386</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 223.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-293" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-844">5,722,879</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 237.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Unique loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 252pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-845">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-846">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-847">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-848">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-849">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-850">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 252pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-294" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-851">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 266.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-852">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-853">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-854">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-855">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-856">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-857">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 266.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-295" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-858">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 280.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-859">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-860">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-861">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-862">822,403</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-863">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-864">276,063</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 280.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-296" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-865">1,098,466</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 294.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-866">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-867">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-868">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-869">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-870">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-871">528,603</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 294.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-297" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-872">528,603</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 309pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-873">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-874">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-875">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-876">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-877">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-878">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 309pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-298" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-879">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 323.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total unique loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-880">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-881">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-882">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-883">822,403</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-884">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-885">804,666</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 323.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-264" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-886">1,627,069</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 337.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Impaired loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 351.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-887">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-888">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-889">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-890">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-891">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-892">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 351.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-299" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-893">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 366pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-894">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-895">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-896">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-897">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-898">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-899">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 366pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-300" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-900">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 380.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 380.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; 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font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 394.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-302" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-914">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 408.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; 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border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 408.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-303" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-920">952,970</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 408.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-303" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-921">1,521,766</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 423pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total impaired loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-922">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-923">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-924">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-925">167,604</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-926">401,192</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-927">952,970</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 423pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-265" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-928">1,521,766</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 437.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 451.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-929">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-930">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-931">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-932">151,381</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-933">296,767</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-934">114,183</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 451.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-304" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-935">562,331</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 465.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-936">92,018</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-937">60,754</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-938">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-939">664,568</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-940">2,247,575</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-941">259,438</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 465.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-305" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-942">3,324,353</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 480pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-943">1,405,796</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-944">270,141</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-945">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-946">2,987,324</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-947">3,608,789</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-948">2,456,728</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 480pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 12.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-306" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-949">10,728,778</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 494.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-950">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-951">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-952">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-953">363,173</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-954">842,455</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-955">1,706,856</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 494.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-307" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-956">2,912,484</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 508.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-957">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-958">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-959">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-960">167,604</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-961">401,192</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-962">952,970</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 508.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-308" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-963">1,521,766</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 522.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-964">1,497,814</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-965">330,895</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-966">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-967">4,334,050</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-968">7,396,778</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-969">5,490,175</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 522.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 4.13pt;"></span></span><span style="left: 11.260000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-309" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-970">19,049,712</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 537pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 537pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.64pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-971">741,541</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 551.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 551.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 4.13pt;"></span></span><span style="left: 11.260000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-972">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 579.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Gross charge-offs<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 66.78999999999999pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-973">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-974">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-975">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-976">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-977">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 22.14pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-978">41,824</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 579.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 16.89pt;"></span></span><span style="left: 24.02pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-979">41,824</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 693.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 703.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.86pt;">Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 715pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.43pt;">modifications.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 726.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 226.99pt;">Represents charge-offs by year of origination during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 390.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 393.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">25<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-657-4"><ix:continuation id="f-372-8" continuedAt="f-372-9"><div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 494.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 84.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.49pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="13" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 0pt; width: 406.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 406.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 98.19pt; position: var(--position); white-space: pre;">Net Book Value of Loans Receivable by Year of Origination<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 302.25pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 14.25pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.49pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="13" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 14.25pt; width: 406.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 406.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 161.17pt; position: var(--position); text-decoration: none; white-space: pre;">As of December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 28.5pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 22.06pt; position: var(--position); white-space: pre;">Risk Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2023<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2022<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2021<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.75pt; position: var(--position); text-decoration: none; white-space: pre;">2020<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.65pt; position: var(--position); text-decoration: none; white-space: pre;">Prior<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 28.5pt; width: 55.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.64pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-980">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-981">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-982">151,674</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-983">245,289</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-984">60,240</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-985">1,381,858</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 57pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-310" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-986">1,839,061</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 71.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-987">60,651</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-988">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-989">197,153</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-990">1,611,856</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-991">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-992">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 71.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-311" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-993">1,869,660</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 85.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-994">268,408</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-995">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-996">1,599,604</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-997">2,160,837</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-998">691,097</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-999">392,470</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 85.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-312" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1000">5,112,416</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 99.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1001">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1002">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1003">236,780</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1004">1,019,672</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1005">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1006">726,513</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 99.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-313" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1007">1,982,965</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 114pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1008">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1009">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1010">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1011">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1012">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1013">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 114pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-314" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1014">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 128.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1015">329,059</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1016">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1017">2,185,211</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1018">5,037,654</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1019">751,337</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1020">2,500,841</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 128.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 4.13pt;"></span></span><span style="left: 11.260000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-315" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1021">10,804,102</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 142.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 156.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1022">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1023">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1024">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1025">80,219</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1026">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1027">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 156.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-316" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1028">80,219</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 171pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1029">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1030">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1031">500,104</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1032">787,660</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1033">87,629</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1034">101,828</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 171pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-317" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1035">1,477,221</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 185.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1036">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1037">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1038">594,740</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1039">1,126,698</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1040">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1041">1,332,805</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 185.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-318" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1042">3,054,243</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 199.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1043">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1044">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1045">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1046">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1047">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1048">198,389</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 199.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-319" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1049">198,389</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 213.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1050">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1051">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1052">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1053">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1054">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1055">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 213.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-320" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1056">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 228pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total Non-U.S. loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1057">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1058">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1059">1,094,844</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1060">1,994,577</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1061">87,629</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1062">1,633,022</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 228pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-321" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1063">4,810,072</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 242.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Unique loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 256.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1064">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1065">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1066">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1067">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1068">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1069">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 256.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-322" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1070">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 270.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1071">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1072">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1073">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1074">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1075">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1076">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 270.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-323" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1077">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 285pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1078">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1079">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1080">814,225</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1081">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1082">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1083">265,808</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 285pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1084">1,080,033</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 299.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1085">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1086">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1087">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1088">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1089">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1090">525,750</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 299.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-325" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1091">525,750</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 313.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1092">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1093">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1094">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1095">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1096">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1097">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 313.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-326" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1098">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 327.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total unique loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1099">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1100">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1101">814,225</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1102">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1103">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1104">791,558</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 327.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-256" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1105">1,605,783</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 342pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Impaired loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 356.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1106">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1107">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1108">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1109">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1110">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1111">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 356.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-327" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1112">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 370.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1113">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1114">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1115">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1116">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1117">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1118">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 370.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-328" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1119">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 384.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 384.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; 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font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 399pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-330" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1132">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 399pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-330" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:fixed-zero" scale="3" id="f-1133">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 413.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; 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height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 413.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-331" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1135">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; 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vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 413.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-331" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1138">34,214</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 413.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-331" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1139">1,255,929</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 413.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-331" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1140">1,827,561</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 427.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total impaired loans<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1141">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1142">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1143">170,388</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1144">367,030</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1145">34,214</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1146">1,255,929</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 427.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-257" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1147">1,827,561</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 441.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 456pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1148">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1149">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1150">151,674</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1151">325,508</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1152">60,240</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1153">1,381,858</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 456pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-332" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1154">1,919,280</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 470.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1155">60,651</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1156">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1157">697,257</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1158">2,399,516</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1159">87,629</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1160">101,828</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 470.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-333" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1161">3,346,881</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 484.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1162">268,408</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1163">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1164">3,008,569</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1165">3,287,535</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1166">691,097</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1167">1,991,083</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 484.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-334" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1168">9,246,692</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 498.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1169">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1170">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1171">236,780</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1172">1,019,672</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1173">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1174">1,450,652</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 498.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-335" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1175">2,707,104</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 513pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 40.12pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1176">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1177">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1178">170,388</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 23.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1179">367,030</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1180">34,214</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1181">1,255,929</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 513pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 16.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-336" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1182">1,827,561</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 527.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1183">329,059</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear" format="ixt:fixed-zero" scale="3" id="f-1184">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1185">4,264,668</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1186">7,399,261</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 15.38pt;"></span></span><span style="left: 22.509999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1187">873,180</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1188">6,181,350</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 527.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 4.13pt;"></span></span><span style="left: 11.260000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-337" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1189">19,047,518</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 541.5pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 541.5pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.64pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-1190">733,936</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 555.75pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 555.75pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 4.13pt;"></span></span><span style="left: 11.260000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1191">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 584.25pt; width: 84.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Gross charge-offs<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 66.78999999999999pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 87.75pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearOneOriginatedCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-1192">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 146.25pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearTwoOriginatedFiscalYearBeforeCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-1193">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204.75pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 22.14pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearThreeOriginatedTwoYearsBeforeCurrentFiscalYearWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-1194">52,045</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 263.25pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 17.64pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFourOriginatedThreeYearsBeforeCurrentFiscalYearWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-1195">255,005</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321.75pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 43.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestYearFiveOriginatedFourYearsBeforeCurrentFiscalYearWriteoff" format="ixt:fixed-zero" scale="3" id="f-1196">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 380.25pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 22.14pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestOriginatedMoreThanFiveYearsBeforeCurrentFiscalYearWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-1197">77,553</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 584.25pt; width: 55.5pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 12.39pt;"></span></span><span style="left: 19.52pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-74" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" format="ixt:num-dot-decimal" scale="3" id="f-1198">384,603</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 657.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 112.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 2.43pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 669pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.86pt;">Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.43pt;">modifications.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 692pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre;">Represents charge-offs by year of origination during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.49pt; position: var(--position); text-decoration: none; white-space: pre;">year ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.04pt; position: var(--position); text-decoration: none; white-space: pre;"> December 31, 2024.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">26<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-372-9" continuedAt="f-372-10"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Modifications Pursuant to ASC 326<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.76pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.25999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.15pt;">twelve months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.62pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 192.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.82pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.56pt;">, we entered into <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;"><ix:nonFraction unitRef="loan" contextRef="c-1" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1199">six</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 216.43pt;"> loan modifications that require disclosure pursuant to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.94pt;">ASC 326. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.76pt;"><ix:nonFraction unitRef="loan" contextRef="c-102" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1200">Five</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 219.13pt;"> of these loans were collateralized by office assets and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-338" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1201">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 351.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 162.26pt;"> was collateralized by a mixed-use asset.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">Loans with a risk rating of &#8220;3&#8221; and &#8220;4&#8221; are included in the determination of our general CECL reserve and loans with a risk<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 118pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">rating of &#8220;5&#8221; have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 141pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.51pt;">balance for applicable loans. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.55pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">no<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 283.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 270.23pt;"> income was recorded on our loans subsequent to determining that<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 140.92pt;">they were impaired and risk rated &#8220;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 199.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">5<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.93pt;">.&#8221;<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 176pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.65pt;"><ix:nonFraction unitRef="loan" contextRef="c-339" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1202">One</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 226.31pt;"> of the loan modifications included a term extension of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.46000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonNumeric contextRef="c-339" name="us-gaap:FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification" format="ixt-sec:durmonth" id="f-1203">14</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.46000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.33pt;"> months. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 374.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.56pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 439.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.98pt;">, the amortized cost basis of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 187.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.5pt;">this loan was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.46pt;">$<ix:nonFraction unitRef="usd" contextRef="c-339" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestModifiedPeriod" format="ixt:num-dot-decimal" scale="6" id="f-1204">108.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.45999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.05pt;">, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><ix:nonFraction unitRef="number" contextRef="c-339" decimals="3" name="us-gaap:FinancingReceivableModificationToTotalFinancingReceivablesExcludingAccruedInterestPercent" scale="-2" id="f-1205">0.6</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 267.17pt;"> of our aggregate loans receivable portfolio, with an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 485.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.46pt;">$<ix:nonFraction unitRef="usd" contextRef="c-340" decimals="-5" name="bxmt:FinancingReceivableModifiedOffBalanceSheetLiability" format="ixt:num-dot-decimal" scale="6" id="f-1206">23.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.44pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 199pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 380.39pt;">unfunded commitments. This loan was in compliance with its modified contractual terms as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 502.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 222.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.12pt;">The other <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;"><ix:nonFraction unitRef="loan" contextRef="c-341" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1207">five</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.19pt;"> loan modifications<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 194.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 359.08pt;"> included term extensions combined with other-than-insignificant payment delays and/or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 234pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 326.64pt;">interest rate reductions. The first loan modification included a term extension of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 385.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.95pt;"><ix:nonNumeric contextRef="c-342" name="us-gaap:FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification" format="ixt-sec:durwordsen" id="f-1208">two years</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.69pt;">, a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 436.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.23pt;">$<ix:nonFraction unitRef="usd" contextRef="c-342" decimals="-5" name="bxmt:FinancingReceivableIncreaseDecreaseToLoanCommitment" format="ixt:num-dot-decimal" scale="6" id="f-1209">34.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 491.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 62.45pt;"> increase in our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 274.17pt;">total loan commitment, and was converted to a fixed coupon rate of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 332.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.83pt;"><ix:nonFraction unitRef="number" contextRef="c-342" decimals="4" name="bxmt:FinancingReceivableModifiedCouponRateFromModification" scale="-2" id="f-1210">15.00</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 189.92pt;"> with interest paid in-kind, inclusive of a senior<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 278.55pt;">portion of our loan that accrues interest at a floating rate of SOFR + <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-342" decimals="4" name="bxmt:FinancingReceivableModifiedFloatingRateFromModification" scale="-2" id="f-1211">2.50</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 362.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 190.62pt;">. We are accruing interest on the senior portion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">of the loan, and deferring interest income recognition on the remaining portion. The second loan modification included a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 280pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.26pt;">term extension of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 134.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.39pt;"><ix:nonNumeric contextRef="c-343" name="us-gaap:FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification" format="ixt-sec:durwordsen" id="f-1212">five years</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 175.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 91.42pt;">, the borrower repaid <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.13pt;">$<ix:nonFraction unitRef="usd" contextRef="c-343" decimals="-5" name="us-gaap:ProceedsFromCollectionOfLoansReceivable" format="ixt:num-dot-decimal" scale="6" id="f-1213">6.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 236.67pt;"> of principal, and the loan was bifurcated into a separate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">senior loan and mezzanine loan. We are accruing interest on the senior loan, which is paying interest current, and deferring<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 456.32pt;">interest on the mezzanine loan that is paying interest in-kind. The third loan modification had a term extension of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.8199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.15pt;"><ix:nonNumeric contextRef="c-344" name="us-gaap:FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification" format="ixt-sec:duryear" id="f-1214">4.8</ix:nonNumeric> years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 125.42pt;">the interest rate decreased by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.92000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-344" decimals="4" sign="-" name="bxmt:FinancingReceivableModifiedInterestRateIncreaseDecreaseFromModification" scale="-2" id="f-1215">0.10</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 343.61pt;">, and the loan was bifurcated into a separate senior loan and mezzanine loan. The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 326pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">senior loan is paying interest partially current, and partially in-kind, while the mezzanine loan is paying interest in-kind.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 337.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">We are accruing interest on the portion of the senior loan that is paying current and a portion that is paid in-kind, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 349pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">deferring interest income recognition on the remaining portion, including the entire mezzanine loan. The fourth loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 360.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.72pt;">modification had a term extension of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.23pt;"><ix:nonNumeric contextRef="c-345" name="us-gaap:FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification" format="ixt-sec:duryear" id="f-1216">3.8</ix:nonNumeric> years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 245.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 307.93pt;">, the loan was bifurcated into a separate senior loan and mezzanine loan, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 372pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.07pt;">the borrower paid a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 49pt;">$<ix:nonFraction unitRef="usd" contextRef="c-345" decimals="-5" name="us-gaap:ProceedsFromCollectionOfLoansReceivable" format="ixt:num-dot-decimal" scale="6" id="f-1217">1.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 148.52pt;"> fee upon closing of the modification<span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #ee2724; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.15pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.08pt;">We are accruing interest on the senior loan, which is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 383.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">paying interest current, and deferring interest on the mezzanine loan that is paying interest in-kind. The fifth loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 395pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.02pt;">modification had a term extension of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.32pt;"><ix:nonNumeric contextRef="c-346" name="us-gaap:FinancingReceivableModifiedWeightedAverageTermIncreaseFromModification" format="ixt-sec:durwordsen" id="f-1218">one year</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 199.24pt;">, the interest rate on the senior loan decreased by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 443.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-346" decimals="4" sign="-" name="bxmt:FinancingReceivableModifiedInterestRateIncreaseDecreaseFromModification" scale="-2" id="f-1219">2.43</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.4pt;">, the borrower repaid<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 406.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.96pt;">$<ix:nonFraction unitRef="usd" contextRef="c-346" decimals="-5" name="us-gaap:ProceedsFromCollectionOfLoansReceivable" format="ixt:num-dot-decimal" scale="6" id="f-1220">25.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 112.46000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 440.89pt;"> upon closing of the modification, and the loan was bifurcated into a separate senior loan and mezzanine loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">The senior loan is paying interest partially current, and partially in-kind, while the mezzanine loan is paying interest in-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 429.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">kind. We are accruing all of the interest on the senior loan that is paying partially current and partially in-kind, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 441pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 311.06pt;">deferring interest on the mezzanine loan that is paying interest in-kind. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 369.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.8pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 119.98pt;">, the aggregate amortized cost<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.51pt;">basis of these loans was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 172.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.96pt;">$<ix:nonFraction unitRef="usd" contextRef="c-341" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestModifiedPeriod" format="ixt:num-dot-decimal" scale="6" id="f-1221">837.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.05pt;">, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><ix:nonFraction unitRef="number" contextRef="c-341" decimals="3" name="us-gaap:FinancingReceivableModificationToTotalFinancingReceivablesExcludingAccruedInterestPercent" scale="-2" id="f-1222">4.4</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 276.56pt;"> of our aggregate loans receivable portfolio, with an aggregate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 464pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-347" decimals="-5" name="bxmt:FinancingReceivableModifiedOffBalanceSheetLiability" format="ixt:num-dot-decimal" scale="6" id="f-1223">53.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 112.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 369.55pt;"> of unfunded commitments. The loans were in compliance with their contractual terms as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 545.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 547.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 487.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.02pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.16pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.29pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 157.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;"><ix:nonFraction unitRef="loan" contextRef="c-348" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1224">five</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 173.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 193.82pt;"> of these modified loans had a risk rating of &#8220;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 367.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">5<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 372.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.94pt;">,&#8221; and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-349" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1225">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.64pt;"> loan had a risk rating of &#8220;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 529.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">4<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.05pt;">.&#8221; In<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 499pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">aggregate, these modifications resulted in the bifurcation of four loans into separate senior and mezzanine loans. Of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 510.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.66pt;"><ix:nonFraction unitRef="loan" contextRef="c-350" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1226">four</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 130.82pt;"> newly bifurcated senior loans, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;"><ix:nonFraction unitRef="loan" contextRef="c-351" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1227">three</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 225.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.58pt;"> loans had a risk rating of &#8220;4,&#8221; and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 375.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-352" decimals="INF" name="bxmt:FinancingReceivableModifiedNumberOfContracts" format="ixt-sec:numwordsen" scale="0" id="f-1228">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 163.45pt;"> loan had a risk rating of &#8220;3.&#8221; The four<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 522pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 245.5pt;">newly bifurcated mezzanine loans all had a risk rating of &#8220;5.&#8221;<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 551.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 112.68pt;">Multifamily Joint Venture<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 171.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.81pt;">As discussed in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.63pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 156.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.9pt;">, we entered into a Multifamily Joint Venture in April 2017. As of both <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 467.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 67pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.8399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.64pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 580.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.86pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.21pt;">, our Multifamily Joint Venture held<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.75pt;"> a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 302.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.01pt;">$<ix:nonFraction unitRef="usd" contextRef="c-353" decimals="-5" name="bxmt:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossLoanExposure" format="ixt:num-dot-decimal" scale="6" id="f-1229">43.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 357.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 196.03pt;"> loan, which is included in the loan disclosures<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.75pt;">above. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 89.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.22pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.36pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.82999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.21pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.32pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.55pt;">, our Multifamily Joint Venture also held a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.74pt;">$<ix:nonFraction unitRef="usd" contextRef="c-353" decimals="-5" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="6" id="f-1230">32.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.82pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 603.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.37pt;">$<ix:nonFraction unitRef="usd" contextRef="c-354" decimals="-5" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="6" id="f-1231">32.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 112.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.43pt;"> REO asset<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 241.05pt;">, respectively, which is included in the REO disclosures in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.44pt;">Note 4<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 426.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.51pt;">. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.44pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 495.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.64pt;"> for additional<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615pt; width: 612pt;"><ix:continuation id="f-372-10"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 178.18pt;">discussion of our Multifamily Joint Venture.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 236.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 644.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_52"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 644.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">4. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:RealEstateOwnedTextBlock" id="f-1232" continuedAt="f-1232-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">REAL ESTATE OWNED, NET<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1232-1" continuedAt="f-1232-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 668pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.12pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.26pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.11pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.22pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 247.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.1pt;">, we had <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 284.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.97pt;"><ix:nonFraction unitRef="real_estate_owned_asset" contextRef="c-3" decimals="INF" name="bxmt:RealEstateOwnedNumberOfAssetsClassifiedAsHeldForSale" format="ixt-sec:numwordsen" scale="0" id="f-1233">eight</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.11pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 324.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.75pt;"><ix:nonFraction unitRef="real_estate_owned_asset" contextRef="c-4" decimals="INF" name="bxmt:RealEstateOwnedNumberOfAssetsClassifiedAsHeldForSale" format="ixt-sec:numwordsen" scale="0" id="f-1234">seven</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 154.09pt;"> REO assets, respectively. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 501.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.23pt;">three months<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 679.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.86pt;">ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.28pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.14pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.38pt;">, we acquired <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="real_estate_owned_asset" contextRef="c-1" decimals="INF" name="bxmt:RealEstateOwnedNumberOfAssets" format="ixt-sec:numwordsen" scale="0" id="f-1235">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 329.87pt;"> REO asset through a deed-in-lieu of foreclosure transaction, with an acquisition<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 691pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.41pt;">price of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 92.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.41pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="bxmt:RealEstateOwnedConsiderationTransferred" scale="6" id="f-1236">45.0</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.57pt;">. We allocated <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.41pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:BuildingAndBuildingImprovementsAcquiredThroughForeclosurePurchasePriceAllocation" scale="6" id="f-1237">19.7</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 263.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.84pt;"> to building and building improvements, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.41pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:LandAndSiteImprovementsAcquiredThroughForeclosurePurchasePriceAllocation" format="ixt:num-dot-decimal" scale="6" id="f-1238">15.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.84pt;"> to land and land<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 702.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63pt;">improvements, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.69pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureGrossPurchasePriceAllocation" scale="6" id="f-1239">14.5</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 142.37pt;"> to acquired intangible assets, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.35pt;">$(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" sign="-" name="bxmt:OtherAssetsAcquiredThroughForeclosurePurchasePriceAllocation" scale="6" id="f-1240">4.2</ix:nonFraction>) million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 374.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 178.47pt;"> to other components of the purchase price.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 714pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.92pt;">We charged off <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.61pt;">$<ix:nonFraction unitRef="usd" contextRef="c-355" decimals="-5" name="us-gaap:FinancingReceivableExcludingAccruedInterestAllowanceForCreditLossWriteoff" scale="6" id="f-1241">41.8</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.81pt;"> of CECL reserves relating to this loan, as the loan&#8217;s carrying value of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.61pt;">$<ix:nonFraction unitRef="usd" contextRef="c-356" decimals="INF" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="6" id="f-1242">86.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 527.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.92pt;"> at the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 725.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 308.18pt;">time of acquisition exceeded the acquisition date fair value noted above. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 366.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 393.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 136.55pt;"> for additional discussion of REO.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">27<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-1232-2" continuedAt="f-1232-3"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 75.88pt;">The acquisition of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 134.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="real_estate_owned_asset" contextRef="c-1" decimals="INF" name="bxmt:RealEstateOwnedNumberOfAssets" format="ixt-sec:numwordsen" scale="0" id="f-1243">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 91.34pt;"> REO asset during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 240.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.71pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.73pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 321.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.04pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 385.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.79pt;"> was accounted for as an asset acquisition<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 479.33pt;">under ASC Topic 805 &#8220;Business Combinations,&#8221; and we recognized this property as an REO asset held for investment. <span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:AssetAcquisitionTableTextBlock" id="f-1244" continuedAt="f-1244-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 537.8299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1244-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.64pt;">following table presents the REO assets that were acquired during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 369.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.63pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.19pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 457.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.96pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 526.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.48pt;"> ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 125.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 125.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 125.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 110.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 125.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 125.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 34.1pt; position: var(--position); white-space: pre;">Acquisition Date<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 128.25pt; position: var(--position); top: 0pt; width: 125.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 125.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 47.52pt; position: var(--position); white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 256.5pt; position: var(--position); top: 0pt; width: 125.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 125.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 37.65pt; position: var(--position); white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 0pt; width: 110.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 110.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.28pt; position: var(--position); white-space: pre;">Acquisition Date Fair Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 125.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 125.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">February 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 128.25pt; position: var(--position); top: 12.75pt; width: 125.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 125.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Chicago, IL<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 256.5pt; position: var(--position); top: 12.75pt; width: 125.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 125.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 12.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 71.04pt;"></span></span><span style="left: 78.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-357" decimals="-3" name="bxmt:RealEstateAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1245">45,045</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 150.75pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:RealEstateAcquiredThroughForeclosureFinancialStatementsDisclosureTableTextBlock" id="f-1246" continuedAt="f-1246-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 479.15pt;">The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 537.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1246-1"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 168.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 334.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.06pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Assets<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Building and building improvements<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 27pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:BuildingAndBuildingImprovementsAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-1247">429,249</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 27pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:BuildingAndBuildingImprovementsAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-1248">410,546</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Land and land improvements<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 42pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LandAndSiteImprovementsAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-1249">200,916</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 42pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:LandAndSiteImprovementsAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-1250">181,083</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 11.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 57pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:RealEstateAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1251">630,165</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 57pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:RealEstateAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1252">591,629</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Less: accumulated depreciation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 72pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:RealEstateAcquiredThroughForeclosureAccumulatedDepreciation" format="ixt:num-dot-decimal" scale="3" id="f-1253">10,369</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 72pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 46.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:RealEstateAcquiredThroughForeclosureAccumulatedDepreciation" format="ixt:num-dot-decimal" scale="3" id="f-1254">3,444</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Real estate owned, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 87pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-1255">619,796</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 87pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-1256">588,185</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Intangible real estate assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 117pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1257">95,569</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 117pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1258">83,253</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Less: accumulated amortization<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 132pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 41.21pt;"></span></span><span style="left: 43.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureAccumulatedDepreciation" format="ixt:num-dot-decimal" scale="3" id="f-1259">14,188</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 132pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 46.21pt;"></span></span><span style="left: 48.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureAccumulatedDepreciation" format="ixt:num-dot-decimal" scale="3" id="f-1260">5,964</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Intangible real estate assets, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 128.81pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 147pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureNet" format="ixt:num-dot-decimal" scale="3" id="f-1261">81,381</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 147pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureNet" format="ixt:num-dot-decimal" scale="3" id="f-1262">77,289</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 176.25pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Liabilities<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 190.5pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Intangible real estate liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 190.5pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1263">1,479</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 190.5pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureGross" format="ixt:num-dot-decimal" scale="3" id="f-1264">1,422</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 205.5pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Less: accumulated amortization<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 205.5pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.71pt;"></span></span><span style="left: 56.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" sign="-" name="bxmt:IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureAccumulatedDepreciation" scale="3" id="f-1265">104</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 205.5pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 63.71pt;"></span></span><span style="left: 66.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" sign="-" name="bxmt:IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureAccumulatedDepreciation" scale="3" id="f-1266">1</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 220.5pt; width: 334.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 334.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Intangible real estate liabilities, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 142.65pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 334.5pt; position: var(--position); top: 220.5pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureNet" format="ixt:num-dot-decimal" scale="3" id="f-1267">1,375</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 220.5pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:IntangibleRealEstateLiabilitiesAcquiredThroughForeclosureNet" format="ixt:num-dot-decimal" scale="3" id="f-1268">1,421</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 408.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.99pt;">Included within other assets on our consolidated balance sheets. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 6<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 108.77pt;"> for additional information.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 429.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 306.83pt;">Included within other liabilities on our consolidated balance sheets. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 6<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 419.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 108.77pt;"> for additional information.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.25pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:RealEstateOwnedIncomeTableTextBlock" id="f-1269" continuedAt="f-1269-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 304.96pt;">Revenue from real estate owned consisted of the following ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1269-1"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 476.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 366.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 128.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 366.75pt; position: var(--position); top: 0pt; width: 128.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 128.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.17pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 366.75pt; position: var(--position); top: 12.75pt; width: 128.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 128.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 56.12pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 366.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 366.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Rental income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 366.75pt; position: var(--position); top: 25.5pt; width: 128.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 128.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 89.04pt;"></span></span><span style="left: 96.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealEstateOwnedRentalIncome" format="ixt:num-dot-decimal" scale="3" id="f-1270">14,334</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 366.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 366.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other operating income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 366.75pt; position: var(--position); top: 40.5pt; width: 128.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 128.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 94.04pt;"></span></span><span style="left: 96.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealEstateOwnedOtherIncome" format="ixt:num-dot-decimal" scale="3" id="f-1271">22,699</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 366.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 366.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Revenue from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 366.75pt; position: var(--position); top: 55.5pt; width: 128.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 128.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 89.04pt;"></span></span><span style="left: 96.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:RealEstateOwnedIncome" format="ixt:num-dot-decimal" scale="3" id="f-1272">37,033</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 213.04pt;">We recognized expenses from real estate owned of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.53999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.75pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="bxmt:RealEstateOwnedExpenses" format="ixt:num-dot-decimal" scale="6" id="f-1273">46.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 326.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.5pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 374.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 454.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.4pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 458.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 523.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.75pt;">. These<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 575.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.73pt;">expenses consisted of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.23000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.4pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="bxmt:RealEstateOwnedOperatingExpenses" format="ixt:num-dot-decimal" scale="6" id="f-1274">30.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 207.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 112.92pt;"> of operating expense and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.4pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="bxmt:RealEstateOwnedDepreciationAndAmortizationExpense" format="ixt:num-dot-decimal" scale="6" id="f-1275">16.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 375.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 177.52pt;"> of depreciation and amortization expense.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 587.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 437.8pt;">These expenses are included in expenses from real estate owned in our consolidated statements of operations.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 610.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.83pt;">There was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-5" name="bxmt:RealEstateOwnedIncome" format="ixt:fixed-zero" scale="0" id="f-1276"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-5" name="bxmt:RealEstateOwnedExpenses" format="ixt:fixed-zero" scale="0" id="f-1277">no</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 112.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 257.74pt;"> income or expense recognized related to REO assets during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 448.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">28<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1232-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" id="f-1278" continuedAt="f-1278-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1278-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.62pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 431.23pt;">. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.41pt;">($ in thousands)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;">:<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 363.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 131.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 0pt; width: 131.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 131.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25pt; position: var(--position); white-space: pre;">Future Minimum Rents<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2025 (remaining)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 12.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 92.04pt;"></span></span><span style="left: 99.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1279">40,779</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 27.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 97.04pt;"></span></span><span style="left: 99.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" format="ixt:num-dot-decimal" scale="3" id="f-1280">41,431</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 42.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 97.04pt;"></span></span><span style="left: 99.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears" format="ixt:num-dot-decimal" scale="3" id="f-1281">29,852</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 57.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 97.04pt;"></span></span><span style="left: 99.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears" format="ixt:num-dot-decimal" scale="3" id="f-1282">23,233</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 72.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 97.04pt;"></span></span><span style="left: 99.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedFourYears" format="ixt:num-dot-decimal" scale="3" id="f-1283">19,634</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Thereafter<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 87.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 97.04pt;"></span></span><span style="left: 99.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LessorOperatingLeasePaymentToBeReceivedAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1284">37,262</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 363.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 363.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 363.75pt; position: var(--position); top: 102.75pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 87.04pt;"></span></span><span style="left: 94.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LessorOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="3" id="f-1285">192,191</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 235.25pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:BelowMarketLeaseFutureAmortizationIncomeTableTextBlock" id="f-1287" continuedAt="f-1287-1" escape="true"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock" id="f-1286" continuedAt="f-1286-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 486.05pt;">The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></ix:nonNumeric></div><ix:continuation id="f-1287-1"><ix:continuation id="f-1286-1"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 258.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 158.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 110.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 110.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 110.25pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 0pt; width: 110.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 110.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.27pt; position: var(--position); white-space: pre;">In-place lease intangibles<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 0pt; width: 110.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 110.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.27pt; position: var(--position); white-space: pre;">Above-market lease <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 110.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 36.47pt; position: var(--position); white-space: pre;">intangibles<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 0pt; width: 110.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 110.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.71pt; position: var(--position); white-space: pre;">Below-market lease <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 110.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 36.47pt; position: var(--position); white-space: pre;">intangibles<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2025 (remaining)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 21.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 71.04pt;"></span></span><span style="left: 78.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1288">23,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 21.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 76.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-1289">4,097</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 21.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 80.21pt;"></span></span><span style="left: 87.83999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:BelowMarketLeaseAmortizationIncomeRemainderOfFiscalYear" scale="3" id="f-1290">285</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 36.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 36.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 76.04pt;"></span></span><span style="left: 78.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" format="ixt:num-dot-decimal" scale="3" id="f-1291">17,205</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 36.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" format="ixt:num-dot-decimal" scale="3" id="f-1292">3,453</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 36.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 85.21pt;"></span></span><span style="left: 87.83999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:BelowMarketLeaseAmortizationIncomeNextTwelveMonths" scale="3" id="f-1293">282</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 51.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 51.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-1294">8,977</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 51.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-1295">2,445</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 51.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 85.21pt;"></span></span><span style="left: 87.83999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:BelowMarketLeaseAmortizationIncomeYearTwo" scale="3" id="f-1296">254</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 66.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 66.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" format="ixt:num-dot-decimal" scale="3" id="f-1297">5,791</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 66.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" format="ixt:num-dot-decimal" scale="3" id="f-1298">1,933</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 66.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 85.21pt;"></span></span><span style="left: 87.83999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:BelowMarketLeaseAmortizationIncomeYearThree" scale="3" id="f-1299">174</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 81.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 81.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1300">4,384</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 81.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1301">1,306</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 81.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 85.21pt;"></span></span><span style="left: 87.83999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:BelowMarketLeaseAmortizationIncomeYearFour" scale="3" id="f-1302">138</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Thereafter<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 96.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="bxmt:FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1303">6,219</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 96.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 81.04pt;"></span></span><span style="left: 83.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="bxmt:FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-1304">2,255</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 96.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 85.21pt;"></span></span><span style="left: 87.83999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:BelowMarketLeaseAmortizationIncomeAfterYearFour" scale="3" id="f-1305">242</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 111.75pt; width: 158.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 158.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 111.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 71.04pt;"></span></span><span style="left: 78.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-358" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsNet" format="ixt:num-dot-decimal" scale="3" id="f-1306">65,892</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 111.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 71.04pt;"></span></span><span style="left: 78.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-359" decimals="-3" name="us-gaap:FiniteLivedIntangibleAssetsNet" format="ixt:num-dot-decimal" scale="3" id="f-1307">15,489</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 384.75pt; position: var(--position); top: 111.75pt; width: 110.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 110.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 72.71pt;"></span></span><span style="left: 80.33999999999999pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:BelowMarketLeaseNet" format="ixt:num-dot-decimal" scale="3" id="f-1308">1,375</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation></ix:continuation></ix:continuation><div style="position: absolute; top: 408.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_1644"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 408.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">5. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:EquityMethodInvestmentsDisclosureTextBlock" id="f-1309" continuedAt="f-1309-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">INVESTMENTS IN UNCONSOLIDATED ENTITIES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1309-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 426pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.49pt;">We hold a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 105.99000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-360" decimals="2" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="f-1310">75</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.05pt;"> ownership interest in the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.74pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 335.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 218.25pt;">, which is accounted for under the equity method of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 437.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 470.4pt;">accounting, as our ownership interest in the joint venture does not meet the requirements for consolidation. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.46pt;">As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 449pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.54pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.66pt;">, the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.75pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 245.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.16pt;"> held <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 269.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;"><ix:nonFraction unitRef="investment" contextRef="c-3" decimals="INF" name="bxmt:NumberOfJointVentures" format="ixt-sec:numwordsen" scale="0" id="f-1311">six</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 281.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.2pt;"> investments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 332.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.89pt;">. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 375.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.9pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 403.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 135.78pt;"> for additional discussion of our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 539.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.42pt;">Net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 460.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.89pt;">Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 138.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 484pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.36pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.09pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.92pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 191.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 258.28999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.91pt;"> we contributed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 327.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.27pt;">$<ix:nonFraction unitRef="usd" contextRef="c-361" decimals="-5" name="us-gaap:PaymentsToAcquireEquityMethodInvestments" format="ixt:num-dot-decimal" scale="6" id="f-1312">25.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 382.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 107.03pt;"> to the joint venture, did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 489.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;"><ix:nonFraction unitRef="usd" contextRef="c-361" decimals="INF" name="us-gaap:EquityMethodInvestmentDividendsOrDistributions" format="ixt:fixed-zero" scale="0" id="f-1313">not</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 502.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.09pt;"> receive any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.15pt;">distributions, and recorded an <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-361" decimals="-3" sign="-" name="us-gaap:IncomeLossFromEquityMethodInvestments" format="ixt:num-dot-decimal" scale="0" id="f-1314">874,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 219.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 334.27pt;"> loss from unconsolidated entities in our consolidated statements of operations. As<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 507pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.98pt;">of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.88pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 142.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.73pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.84pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 252.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 223.47pt;">, our investment in unconsolidated entities totaled <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 476.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 57pt;">$<ix:nonFraction unitRef="usd" contextRef="c-360" decimals="-5" name="us-gaap:EquityMethodInvestments" format="ixt:num-dot-decimal" scale="6" id="f-1315">29.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.08pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.06pt;">$<ix:nonFraction unitRef="usd" contextRef="c-362" decimals="-5" name="us-gaap:EquityMethodInvestments" format="ixt:num-dot-decimal" scale="6" id="f-1316">4.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.96pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 163.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.96pt;"> There was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 210.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="usd" contextRef="c-363" decimals="-5" name="us-gaap:IncomeLossFromEquityMethodInvestments" format="ixt:fixed-zero" scale="0" id="f-1317">no</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 210.28pt;"> income or loss from unconsolidated entities for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.67pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.71pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.29pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 530pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 81pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 553.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.35pt;">In the first quarter of 2025, the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.2pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 282.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 271.35pt;"> entered into a derivative agreement where we would be required to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 565pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 307.65pt;">make payment for periodic or final settlement of derivative contracts if the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 366.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.55pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.63pt;"> is unable to fulfill its<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.9pt;">obligations.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">29<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_58"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">6<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 63.5pt; position: var(--position); text-decoration: none; white-space: pre;">. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="bxmt:OtherAssetsAndLiabilitiesDisclosureTextBlock" id="f-1318" continuedAt="f-1318-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">OTHER ASSETS AND LIABILITIES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1318-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Other Assets <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 89pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfOtherAssetsTableTextBlock" id="f-1319" continuedAt="f-1319-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 318.01pt;">The following table details the components of our other assets ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 376.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1319-1" continuedAt="f-1319-2"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 329.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 84pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 329.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 0pt; width: 84pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accrued interest receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 12.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:InterestReceivable" format="ixt:num-dot-decimal" scale="3" id="f-1320">146,587</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 12.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.79pt;"></span></span><span style="left: 47.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:InterestReceivable" format="ixt:num-dot-decimal" scale="3" id="f-1321">160,131</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Real estate intangible assets, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 27.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureNet" format="ixt:num-dot-decimal" scale="3" id="f-1322">81,381</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 27.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:IntangibleRealEstateAcquiredThroughForeclosureNet" format="ixt:num-dot-decimal" scale="3" id="f-1323">77,289</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Collateral deposited under derivative agreements<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 42.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:CollateralAlreadyPostedAggregateFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1324">69,640</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 42.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.79pt;"></span></span><span style="left: 57.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:CollateralAlreadyPostedAggregateFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1325">4,810</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Other real estate assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 57.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:OtherRealEstate" format="ixt:num-dot-decimal" scale="3" id="f-1326">15,072</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 57.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.79pt;"></span></span><span style="left: 57.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:OtherRealEstate" format="ixt:num-dot-decimal" scale="3" id="f-1327">9,338</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Accounts receivable and other assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 149.65pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 72.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:AccountsReceivableNetCurrentAndOtherAssetsCurrent" format="ixt:num-dot-decimal" scale="3" id="f-1328">11,326</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 72.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.79pt;"></span></span><span style="left: 47.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:AccountsReceivableNetCurrentAndOtherAssetsCurrent" format="ixt:num-dot-decimal" scale="3" id="f-1329">134,030</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Derivative assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 87.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1330">4,987</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 87.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1331">72,454</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loan portfolio payments held by servicer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 167.73pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 102.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LoanPortfolioPaymentsHeldByOurThirdPartyLoanServicer" format="ixt:num-dot-decimal" scale="3" id="f-1332">1,886</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 102.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.79pt;"></span></span><span style="left: 47.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:LoanPortfolioPaymentsHeldByOurThirdPartyLoanServicer" format="ixt:num-dot-decimal" scale="3" id="f-1333">113,199</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Prepaid expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 117.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1334">1,046</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 117.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.79pt;"></span></span><span style="left: 57.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:PrepaidExpenseCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1335">1,002</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 132.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:OtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-1336">331,925</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 132.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.79pt;"></span></span><span style="left: 47.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:OtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-1337">572,253</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 259.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 280pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.16pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.71pt;"> balance includes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.66pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="bxmt:CashCollateralForCollateralizedLoanObligations" format="ixt:num-dot-decimal" scale="6" id="f-1338">95.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 300.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 253.4pt;"> of cash collateral held by our CLOs that was subsequently<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 329.62pt;">remitted by the trustee to repay a portion of the outstanding senior CLO securities.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.99pt;">Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date that were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314.5pt; width: 612pt;"><ix:continuation id="f-1319-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 215.83pt;">remitted to us during the subsequent remittance cycle.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.33000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 338pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.74pt;">Other Liabilities<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 129.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 355.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:OtherLiabilitiesTableTextBlock" id="f-1339" continuedAt="f-1339-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.85pt;">The following table details the components of our other liabilities ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1339-1"><div style="font-size: 12pt; line-height: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 367pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.33pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 380.8pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 329.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 84pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 329.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 0pt; width: 84pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Other real estate liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 12.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:OtherRealEstateLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1340">85,363</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 12.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:OtherRealEstateLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1341">72,018</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accrued dividends payable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 27.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1342">80,644</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 27.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DividendsPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1343">81,214</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Derivative liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 42.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1344">68,158</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 42.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.79pt;"></span></span><span style="left: 57.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1345">5,238</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accrued interest payable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 57.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:InterestPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1346">65,294</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 57.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:InterestPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="3" id="f-1347">77,855</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accrued management and incentive fees payable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 72.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:ManagementAndIncentiveFeePayable" format="ixt:num-dot-decimal" scale="3" id="f-1348">17,235</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 72.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:ManagementAndIncentiveFeePayable" format="ixt:num-dot-decimal" scale="3" id="f-1349">18,534</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Accounts payable and other liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 87.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:AccountsPayableAndOtherAccruedLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1350">12,787</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 87.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:AccountsPayableAndOtherAccruedLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1351">13,834</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Current expected credit loss reserves for unfunded loan commitments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 280.64pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 102.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 47.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="3" id="f-1352">10,487</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 102.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.79pt;"></span></span><span style="left: 52.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="3" id="f-1353">10,412</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Secured debt repayments pending servicer remittance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 216.5pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 117.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:SecuredDebtRepaymentsPendingServicerRemittance" format="ixt:num-dot-decimal" scale="3" id="f-1354">1,309</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 117.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.79pt;"></span></span><span style="left: 57.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:SecuredDebtRepaymentsPendingServicerRemittance" format="ixt:num-dot-decimal" scale="3" id="f-1355">3,742</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132.75pt; width: 329.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 329.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 132.75pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.54pt;"></span></span><span style="left: 42.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:OtherLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1356">341,277</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411pt; position: var(--position); top: 132.75pt; width: 84pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.79pt;"></span></span><span style="left: 47.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:OtherLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1357">282,847</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 533.55pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 543.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 322.19pt;">Represents the CECL reserve related to our unfunded loan commitments. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.81pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 435.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 117.97pt;"> for further discussion of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 554.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.25pt;">CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 566.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.98pt;">Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 577.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 158.4pt;">during the subsequent remittance cycle.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 607.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Current Expected Credit Loss Reserves for Unfunded Loan Commitments <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 624.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.38pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 86.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.52pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 199.15pt;">, we had aggregate unfunded commitments of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 353.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.05pt;">$<ix:nonFraction unitRef="usd" contextRef="c-75" decimals="-8" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="9" id="f-1358">1.0</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.34pt;"> related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="loan" contextRef="c-364" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-1359">57</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 459.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.55pt;"> loans receivable. The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 636.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">expected credit losses over the contractual period of our loans are impacted by our obligation to extend further credit<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 647.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 188.86pt;">through our unfunded loan commitments. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 247.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.45pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 278.62pt;"> for further discussion of the CECL reserves related to our unfunded<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 659.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.2pt;">loan commitments, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.32pt;">Note 22<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 240.08pt;"> for further discussion of our unfunded loan commitments. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 428.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.32pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 670.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.9pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.08pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.48000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.8pt;">an increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 288.06pt;"> in the CECL reserves related to our unfunded loan commitments of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" format="ixt:num-dot-decimal" scale="0" id="f-1360">75,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.8399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 682.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 270.87pt;">bringing our total unfunded loan commitments CECL reserve to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.18pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="6" id="f-1361">10.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.14pt;"> as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 412.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.24pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.51pt;">. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 693.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.97pt;">months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.68pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.94pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.14pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 238.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.48pt;">a decrease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.71000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 273.62pt;"> in the CECL reserves related to our unfunded loan commitments of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 705.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-5" sign="-" name="us-gaap:OffBalanceSheetCreditLossLiabilityCreditLossExpenseReversal" format="ixt:num-dot-decimal" scale="6" id="f-1362">2.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 263.9pt;">, bringing our total unfunded loan commitments CECL reserve to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-33" decimals="-5" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="6" id="f-1363">12.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.15pt;"> as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.8299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; white-space: pre;"><span style="left: 515.3299999999999pt; position: var(--position); width: 0pt;"><span style="display: inline-block; height: 6.93pt; width: 11.17pt;"></span></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">30<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_64"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">7. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:LongTermDebtTextBlock" id="f-1364" continuedAt="f-1364-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">SECURED DEBT, NET<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1364-1" continuedAt="f-1364-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.45pt;">Our secured debt represents borrowings under our secured credit facilities. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.49pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.62pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 487.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.82pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.17pt;">we closed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-365" decimals="-5" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="6" id="f-1365">732.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 159.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.31pt;"> of new borrowings against <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 270.83000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-366" decimals="-5" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="6" id="f-1366">908.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.76pt;"> of collateral assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfDebtInstrumentsTextBlock" id="f-1367" continuedAt="f-1367-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 245.57pt;">The following table details our secured debt ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1367-1" continuedAt="f-1367-2"><div style="position: var(--position); top: 130pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 341.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 80.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 70.5pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 341.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 0pt; width: 153.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.8pt; width: 153.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 53.9pt; position: var(--position); white-space: pre;">Secured Debt <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 153.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 34.57pt; position: var(--position); white-space: pre;">Borrowings Outstanding<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 119.16999999999999pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 341.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 21.75pt; width: 80.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.58pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 424.5pt; position: var(--position); top: 21.75pt; width: 70.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.94pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Secured credit facilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 34.5pt; width: 80.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.54pt;"></span></span><span style="left: 31.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1368">10,011,541</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 424.5pt; position: var(--position); top: 34.5pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.79pt;"></span></span><span style="left: 26.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-368" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1369">9,705,529</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Deferred financing costs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 100.83999999999999pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 49.5pt; width: 80.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-366" decimals="-3" name="us-gaap:DeferredFinanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1370">11,514</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 424.5pt; position: var(--position); top: 49.5pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-369" decimals="-3" name="us-gaap:DeferredFinanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1371">9,195</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net book value of secured debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 64.5pt; width: 80.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.54pt;"></span></span><span style="left: 31.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-366" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1372">10,000,027</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 424.5pt; position: var(--position); top: 64.5pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.79pt;"></span></span><span style="left: 26.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-369" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1373">9,696,334</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 214.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 226pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre;">Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 237.5pt; width: 612pt;"><ix:continuation id="f-1367-2" continuedAt="f-1367-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre;">and recognized as a component of interest expense over the life of each related facility.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.61pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 267pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Secured Credit Facilities <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 284.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 296pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 307.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 319pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.42pt;">credit facilities are diversified across <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="lender" contextRef="c-370" decimals="INF" name="bxmt:DebtInstrumentNumberOfLenders" scale="0" id="f-1374">14</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 334.55pt;"> counterparties, primarily consisting of top global financial institutions to minimize<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 330.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 124.89pt;">our counterparty risk exposure.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 359.5pt; width: 612pt;"><ix:continuation id="f-1367-3" continuedAt="f-1367-4"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 242.43pt;">The following table details our secured credit facilities as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 300.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.68pt;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-4" continuedAt="f-1367-5"><div style="position: var(--position); top: 371pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 47.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 47.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 55.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 32.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 56.25pt;"/></tr><tr style="height: 14.25pt;"><td colspan="19" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.83pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 214.32pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 14.25pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 15.83pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 14.25pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 15.83pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 100.5pt; position: var(--position); top: 14.25pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 15.83pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 14.25pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 15.83pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 14.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 15.83pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 14.25pt; width: 88.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.43pt; width: 88.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 24.55pt; position: var(--position); text-decoration: none; white-space: pre;">Recourse <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.83pt; width: 88.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 21.49pt; position: var(--position); text-decoration: none; white-space: pre;">Limitation<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Currency<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 40.5pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 47.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 3.11pt; position: var(--position); white-space: pre;">Lenders<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 38.07pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 100.5pt; position: var(--position); top: 40.5pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.77pt; position: var(--position); text-decoration: none; white-space: pre;">Borrowings<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 40.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 2.83pt; width: 71.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 13.82pt; position: var(--position); white-space: pre;">Wtd. Avg. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 71.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 13.17pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 52.02pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 40.5pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 1.43pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 5.01pt; position: var(--position); text-decoration: none; white-space: pre;">Loan <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.79pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 40.5pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.98pt; position: var(--position); white-space: pre;">Collateral<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 45.699999999999996pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 40.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 2.83pt; width: 71.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 13.82pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 71.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 13.17pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 52.02pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 40.5pt; width: 29.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 1.43pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 4.87pt; position: var(--position); text-decoration: none; white-space: pre;">Wtd. <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 5.7pt; position: var(--position); text-decoration: none; white-space: pre;">Avg.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 40.5pt; width: 56.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 12.83pt; width: 56.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 15.46pt; position: var(--position); text-decoration: none; white-space: pre;">Range<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.63pt; position: var(--position); text-decoration: none; white-space: pre;">USD<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 63.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="lender" contextRef="c-371" decimals="INF" name="bxmt:DebtInstrumentNumberOfLenders" scale="0" id="f-1375">13</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 100.5pt; position: var(--position); top: 63.75pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 3.79pt;"></span></span><span style="left: 11.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-372" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1376">4,492,461</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 63.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.85pt; position: var(--position); text-decoration: none; white-space: pre;">December 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 63.75pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 11.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-371" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1377">87</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 63.75pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 3.04pt;"></span></span><span style="left: 10.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-372" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1378">7,501,830</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 63.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.83pt; position: var(--position); text-decoration: none; white-space: pre;">January 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 63.75pt; width: 29.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-373" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1379">39</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 63.75pt; width: 56.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.13pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-374" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1380">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.459999999999997pt; position: var(--position); white-space: pre;"> - <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.79pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-375" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1381">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 78.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.63pt; position: var(--position); text-decoration: none; white-space: pre;">GBP<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 78.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="lender" contextRef="c-376" decimals="INF" name="bxmt:DebtInstrumentNumberOfLenders" scale="0" id="f-1382">6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 100.5pt; position: var(--position); top: 78.75pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 8.79pt;"></span></span><span style="left: 11.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-377" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1383">2,301,773</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 78.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.21pt; position: var(--position); text-decoration: none; white-space: pre;">June 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 78.75pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 11.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-376" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1384">16</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 78.75pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 8.04pt;"></span></span><span style="left: 10.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-377" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1385">3,049,147</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 78.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.21pt; position: var(--position); text-decoration: none; white-space: pre;">June 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 78.75pt; width: 29.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-378" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1386">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 78.75pt; width: 56.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.96pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-379" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1387">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 93.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.63pt; position: var(--position); text-decoration: none; white-space: pre;">EUR<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 93.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="lender" contextRef="c-380" decimals="INF" name="bxmt:DebtInstrumentNumberOfLenders" scale="0" id="f-1388">7</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 100.5pt; position: var(--position); top: 93.75pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 8.79pt;"></span></span><span style="left: 11.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-381" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1389">1,757,902</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 93.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.85pt; position: var(--position); text-decoration: none; white-space: pre;">December 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 93.75pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 11.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-380" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1390">10</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 93.75pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 8.04pt;"></span></span><span style="left: 10.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-381" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1391">2,404,172</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 93.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.85pt; position: var(--position); text-decoration: none; white-space: pre;">December 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 93.75pt; width: 29.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-382" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1392">38</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 93.75pt; width: 56.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.13pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-383" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1393">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.459999999999997pt; position: var(--position); white-space: pre;"> - <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.79pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-384" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1394">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); white-space: pre;">Others<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 35.27pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 108.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="lender" contextRef="c-385" decimals="INF" name="bxmt:DebtInstrumentNumberOfLenders" scale="0" id="f-1395">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 100.5pt; position: var(--position); top: 108.75pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 8.79pt;"></span></span><span style="left: 11.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-386" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1396">1,459,405</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 108.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.21pt; position: var(--position); text-decoration: none; white-space: pre;">June 2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 108.75pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-385" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1397">7</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 271.5pt; position: var(--position); top: 108.75pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 8.04pt;"></span></span><span style="left: 10.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-386" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1398">1,824,255</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 108.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.21pt; position: var(--position); text-decoration: none; white-space: pre;">June 2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 108.75pt; width: 29.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-387" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1399">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 108.75pt; width: 56.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.96pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-386" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1400">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 123.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 50.25pt; position: var(--position); top: 123.75pt; width: 47.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 47.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="lender" contextRef="c-370" decimals="INF" name="bxmt:DebtInstrumentNumberOfLenders" scale="0" id="f-1401">14</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 15pt; left: 100.5pt; overflow: hidden; position: var(--position); top: 123.75pt; width: 55.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 55.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 7.63pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1402">10,011,541</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 123.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.83pt; position: var(--position); text-decoration: none; white-space: pre;">April 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 236.25pt; position: var(--position); top: 123.75pt; width: 32.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 32.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-370" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1403">120</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="height: 15pt; left: 271.5pt; overflow: hidden; position: var(--position); top: 123.75pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 7.63pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1404">14,779,404</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 329.25pt; position: var(--position); top: 123.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.83pt; position: var(--position); text-decoration: none; white-space: pre;">April 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 406.5pt; position: var(--position); top: 123.75pt; width: 29.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-388" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1405">34</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438.75pt; position: var(--position); top: 123.75pt; width: 56.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.13pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-389" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1406">25</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 21.459999999999997pt; position: var(--position); white-space: pre;"> - <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.79pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-390" decimals="2" name="bxmt:LineOfCreditFacilityRecourseLimitationPercent" scale="-2" id="f-1407">100</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 514.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 526.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.99pt;">Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 537.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 62.12pt;">facility lenders.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 549.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 560.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 572.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.91pt;">extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 583.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.98pt;">credit facility is used.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 595.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 434.38pt;">Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 606.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 618.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 72.15pt;">prior to such date.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 629.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 359.62pt;">Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 653.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">The availability of funding under our secured credit facilities is based on the amount of approved collateral, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 664.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 676.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 687.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 699.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 235.23pt;">facility, and therefore vary within and among the facilities.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">31<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1364-2" continuedAt="f-1364-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:continuation id="f-1367-5" continuedAt="f-1367-6"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 306.29pt;">The following tables detail the spread of our secured credit facilities as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.08pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 429.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.93pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.04pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.8399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.6pt;"> ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-6" continuedAt="f-1367-7"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.2pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 76.4pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 99.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 87pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 99.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.24pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 0pt; width: 87pt;"><div><div style="font-size: 12pt; line-height: 8pt; position: var(--position); top: 4.37pt; width: 87pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.09pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 79.91pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="font-size: 12pt; line-height: 8pt; position: var(--position); top: 12.37pt; width: 87pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.95pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="11" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 0pt; width: 301.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 301.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 124.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 32.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 99.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 99.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Spread<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 27.05pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 21pt; width: 87pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 87pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.27pt; position: var(--position); white-space: pre;">New Financings<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 67.66pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 21pt; width: 57.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.77pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.89pt; position: var(--position); white-space: pre;">Borrowings<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.94pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.61pt; position: var(--position); white-space: pre;">All-in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.51pt; position: var(--position); white-space: pre;">Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 26.049999999999997pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(3)(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 21pt; width: 57.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.75pt; position: var(--position); white-space: pre;">Collateral<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.94pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.94pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.61pt; position: var(--position); white-space: pre;">All-in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.21pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.41pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.07pt; position: var(--position); white-space: pre;">Net Interest<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.46pt; position: var(--position); white-space: pre;"> Margin<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 38.22pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 53.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 1.50% or less <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 53.25pt; width: 87pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 87pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.79pt;"></span></span><span style="left: 50.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-391" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1408">332,431</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 53.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-392" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1409">4,070,890</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-392" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1410">1.52</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 53.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-392" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1411">6,215,254</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-392" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1412">3.19</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-392" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1413">1.67</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 68.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 1.51% to + 1.75%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 68.25pt; width: 87pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 87pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 47.79pt;"></span></span><span style="left: 50.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-393" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1414">315,623</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 68.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-394" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1415">2,598,070</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-394" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1416">1.77</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 68.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-394" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1417">3,391,195</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-394" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1418">3.43</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-394" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1419">1.66</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 1.76% to + 2.00%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 83.25pt; width: 87pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 87pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 70.29pt;"></span></span><span style="left: 72.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-395" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:fixed-zero" scale="3" id="f-1420">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 83.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-396" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1421">952,714</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-396" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1422">2.09</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 83.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-396" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1423">1,751,216</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-396" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1424">3.70</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-396" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1425">1.61</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 98.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 2.01% or more<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 98.25pt; width: 87pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 87pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-397" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1426">84,305</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 98.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-398" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1427">2,389,867</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-398" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1428">2.61</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 98.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-398" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1429">3,421,739</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-398" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1430">4.27</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-398" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1431">1.66</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 113.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 113.25pt; width: 87pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 87pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.79pt;"></span></span><span style="left: 50.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-370" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1432">732,359</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 113.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 1.04pt;"></span></span><span style="left: 8.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1433">10,011,541</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-367" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1434">1.90</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 113.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 1.04pt;"></span></span><span style="left: 8.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1435">14,779,404</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-367" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1436">3.55</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-367" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1437">1.65</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.65pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 99.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 86.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 99.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.24pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 0pt; width: 86.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.37pt; width: 86.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 22.59pt; position: var(--position); white-space: pre;">Year Ended <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="font-size: 12pt; line-height: 8pt; position: var(--position); top: 12.37pt; width: 86.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.81pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="11" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 0pt; width: 302.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 302.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 118.81pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 32.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 99.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 99.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Spread<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 27.05pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 21pt; width: 86.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 86.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.9pt; position: var(--position); white-space: pre;">New Financings<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 67.29pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 21pt; width: 57.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.77pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.89pt; position: var(--position); white-space: pre;">Borrowings<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.94pt; position: var(--position); white-space: pre;">Wtd. Avg. <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.61pt; position: var(--position); white-space: pre;">All-in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.51pt; position: var(--position); white-space: pre;">Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 26.049999999999997pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(3)(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 21pt; width: 57.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.75pt; position: var(--position); white-space: pre;">Collateral<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.94pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.94pt; position: var(--position); white-space: pre;">Wtd. Avg. <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.61pt; position: var(--position); white-space: pre;">All-in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.21pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.41pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.07pt; position: var(--position); white-space: pre;">Net Interest<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.46pt; position: var(--position); white-space: pre;">Margin<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.22pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 53.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 1.50% or less<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 53.25pt; width: 86.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 86.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 49.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-399" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1438">165,616</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 53.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-400" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1439">3,976,192</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-400" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1440">1.53</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 53.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-400" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1441">6,185,925</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-400" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1442">3.18</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-400" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1443">1.65</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 68.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 1.51% to + 1.75%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 68.25pt; width: 86.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 86.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.04pt;"></span></span><span style="left: 54.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-401" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1444">74,118</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 68.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-402" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1445">2,238,376</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-402" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1446">1.78</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 68.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-402" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1447">3,140,937</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-402" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1448">3.52</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-402" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1449">1.74</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 1.76% to + 2.00%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 83.25pt; width: 86.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 86.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 69.54pt;"></span></span><span style="left: 72.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-403" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:fixed-zero" scale="0" id="f-1450">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 83.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-404" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1451">969,541</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-404" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1452">2.09</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 83.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-404" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1453">1,802,431</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-404" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1454">3.67</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-404" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1455">1.58</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 98.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">+ 2.01% or more<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 98.25pt; width: 86.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 86.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 51.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-405" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1456">374,407</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 98.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-406" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1457">2,521,420</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-406" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1458">2.61</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 98.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-406" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1459">3,678,528</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-406" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1460">4.31</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-406" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1461">1.70</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 113.25pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 102.75pt; position: var(--position); top: 113.25pt; width: 86.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 86.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 49.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-407" decimals="-3" name="us-gaap:ProceedsFromLinesOfCredit" format="ixt:num-dot-decimal" scale="3" id="f-1462">614,141</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 192.75pt; position: var(--position); top: 113.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-368" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1463">9,705,529</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-368" decimals="4" name="bxmt:LineOfCreditFacilityWeightedAverageAllInCost" scale="-2" id="f-1464">1.92</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 113.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 1.04pt;"></span></span><span style="left: 8.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-368" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1465">14,807,821</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-368" decimals="4" name="bxmt:DebtInstrumentWeightedAverageAllInYield" scale="-2" id="f-1466">3.58</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-368" decimals="4" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="f-1467">1.66</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 349.9pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 361.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 372.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 278.92pt;">SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 384.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.59pt;">Represents the amount of new borrowings we closed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 298.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.4pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 344.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.65pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.7pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.98pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 489.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.83pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.75pt;">year ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 395.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.75pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 407.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.87pt;">In addition to spread, the cost includes the associated deferred fees and expenses related to the respective<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 430.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 441.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.33pt;">accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 202.82pt;">Represents the weighted-average all-in cost as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 288.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.86pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 353.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.71pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.82pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 453.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.67pt;">, respectively, and is not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 464.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 308.77pt;">necessarily indicative of the spread applicable to recent or future borrowings.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 476.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 434.38pt;">Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 487.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 406.62pt;">Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 511.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 522.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 385.76pt;">in our discretion within certain maximum/minimum amounts and frequency limitations. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 444.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.84pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.26pt;">, there was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 534.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.25pt;">an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-367" decimals="-5" name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-1468">915.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 261.31pt;"> available to be drawn at our discretion under our credit facilities.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 563.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Financial Covenants <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.1pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.24pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 401.58pt;">, we are subject to the following financial covenants related to our secured debt: (i) our ratio of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 604.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.24pt;">shall be not less than <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;"><ix:nonFraction unitRef="number" contextRef="c-408" decimals="INF" name="bxmt:DebtInstrumentCovenantEarningsBeforeInterestTaxesDepreciationAndAmortizationOrEBITDAToFixedChargesMinimum" scale="0" id="f-1469">1.25</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 162.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 345.03pt;"> to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 507.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-408" decimals="-8" name="bxmt:DebtInstrumentCovenantTangibleNetWorthMinimum" scale="9" id="f-1470">3.6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 524.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.68pt;"> billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 137.86pt;">as of each measurement date plus <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-409" decimals="2" name="bxmt:DebtInstrumentCovenantPercentageOfNetCashProceedsOfFutureEquityIssuances" scale="-2" id="f-1471">75</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 214.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.23pt;"> to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 227.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-410" decimals="2" name="bxmt:DebtInstrumentCovenantPercentageOfNetCashProceedsOfFutureEquityIssuances" scale="-2" id="f-1472">85</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 265.82pt;"> of the net cash proceeds of future equity issuances subsequent to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.0699999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.31pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 627.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 250.2pt;">; (iii) cash liquidity shall not be less than the greater of (x) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 328.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-408" decimals="-5" name="bxmt:DebtInstrumentCovenantCashLiquidityMinimum" scale="6" id="f-1473">10.0</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 351.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.26pt;"> million or (y) no more than <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.33pt;"><ix:nonFraction unitRef="number" contextRef="c-408" decimals="2" name="bxmt:DebtInstrumentCovenantRecourseIndebtednessMaximum" scale="-2" id="f-1474">5</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.51pt;"> of our recourse<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 638.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 251.45pt;">indebtedness; and (iv) our indebtedness shall not exceed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 309.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.83pt;"><ix:nonFraction unitRef="number" contextRef="c-408" decimals="4" name="bxmt:DebtInstrumentCovenantIndebtednessMaximum" scale="-2" id="f-1475">83.33</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.07pt;"> of our total assets. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 463.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.56pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.92pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 650.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 137.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 185.59pt;">, we were in compliance with these covenants.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 673.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.7pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.43pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.09pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 192.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.76pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 293.88pt;">, the financial covenant under each applicable secured debt agreement<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 685.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 696.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;"><ix:nonFraction unitRef="number" contextRef="c-408" decimals="INF" name="bxmt:DebtInstrumentCovenantEarningsBeforeInterestTaxesDepreciationAndAmortizationOrEBITDAToFixedChargesMinimum" scale="0" id="f-1476">1.25</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76pt; position: var(--position); text-decoration: none; white-space: pre; width: 296.79pt;"> to 1.0 with respect to each of the four fiscal quarters beginning with the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 372.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 138.97pt;">quarter ended September 30, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.59pt;">, and shall<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 708.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.38pt;">be not less than <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.5pt;"><ix:nonFraction unitRef="number" contextRef="c-411" decimals="INF" name="bxmt:DebtInstrumentCovenantEarningsBeforeInterestTaxesDepreciationAndAmortizationOrEBITDAToFixedChargesMinimum" scale="0" id="f-1477">1.3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.52pt;"> to 1.0 thereafter.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">32<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_67"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">8. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:continuation id="f-1364-3" continuedAt="f-1364-4"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">SECURITIZED DEBT OBLIGATIONS, NET <span style="display: inline-block; height: 6.77pt;"></span></span></ix:continuation></div><ix:continuation id="f-1364-4" continuedAt="f-1364-5"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 447.03pt;">in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 505.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.79pt;">Note 20<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 538.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.03pt;"> for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 133.41pt;">further discussion of our CLOs. <span style="display: inline-block; height: 6.93pt;"></span></span><ix:continuation id="f-1367-7" continuedAt="f-1367-8"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 191.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 361.5pt;">The following tables detail our securitized debt obligations and the underlying collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-8" continuedAt="f-1367-9"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 216.73pt;">assets that are financed by our CLOs ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 117.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 171.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 171.75pt; position: var(--position); top: 0pt; width: 323.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 135.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Securitized Debt Obligations<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.97pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.86pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.08pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.74pt; position: var(--position); white-space: pre;">Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.6pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 36.58pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.58pt; position: var(--position); white-space: pre;"> Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.54pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 12.75pt; width: 71.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 71.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.05pt; position: var(--position); white-space: pre;">Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.14pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2025 FL5 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-412" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1478">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-413" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1479">831,250</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-413" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1480">821,167</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-412" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1481">2.08</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 49.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.28pt; position: var(--position); text-decoration: none; white-space: pre;">October 2042<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-414" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1482">19</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 12.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-415" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1483">1,000,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 12.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-415" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1484">1,000,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-414" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1485">3.41</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 64.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 16.04pt; position: var(--position); text-decoration: none; white-space: pre;">July 2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2021 FL4 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 79.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 94.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-416" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1486">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-417" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1487">670,149</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-417" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1488">670,149</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-416" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1489">1.42</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 94.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 15.21pt; position: var(--position); text-decoration: none; white-space: pre;">May 2038<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 109.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-418" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1490">22</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-419" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1491">849,996</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-419" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1492">849,996</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-418" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1493">2.90</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 109.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.28pt; position: var(--position); text-decoration: none; white-space: pre;">October 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 124.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2020 FL3 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 139.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-420" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1494">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-421" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1495">469,730</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-421" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1496">469,730</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-420" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1497">2.44</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 139.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.28pt; position: var(--position); text-decoration: none; white-space: pre;">November 2037<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 154.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-422" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1498">12</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-423" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1499">637,509</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-423" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1500">637,509</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-422" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1501">3.04</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 154.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.85pt; position: var(--position); text-decoration: none; white-space: pre;">December 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 169.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2020 FL2 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 184.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-424" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1502">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-425" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1503">598,850</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-425" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1504">598,850</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-424" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1505">1.65</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 184.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.33pt; position: var(--position); text-decoration: none; white-space: pre;">February 2038<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 199.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-426" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1506">12</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-427" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1507">831,395</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-427" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1508">831,395</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-426" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1509">3.27</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 199.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.28pt; position: var(--position); text-decoration: none; white-space: pre;">October 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 214.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 229.5pt; width: 171.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 4.5825000000000005pt; font-style: normal; font-weight: normal; left: 161.8pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-54" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1510">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1511">2,569,979</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1512">2,559,896</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 23.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 23.71pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-54" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1513">1.88</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 244.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-54" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1514">65</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1515">3,318,900</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1516">3,318,900</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-54" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1517">3.31</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 382pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 391.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.88pt;">The book value of underlying collateral assets excludes any applicable CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 403pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.87pt;">In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 414.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 247.21pt;">origination costs, purchase discounts, and accrual of exit fees.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 426pt; width: 612pt;"><span style="-sec-ix-hidden:f-1518"><span style="-sec-ix-hidden:f-1519"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 346.95pt;">The weighted-average all-in yield and cost are expressed as a spread over SOFR<span style="display: inline-block; height: 6.93pt;"></span></span></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.14pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 439.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.79pt;">All-in yield excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 437.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.33pt;">accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 449pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 460.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.85pt;">obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 483.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.37pt;">the rated final distribution date of the securitizations.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.58pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.07999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.31pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.53pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 289.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 62.69pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.88pt;">$<ix:nonFraction unitRef="usd" contextRef="c-54" decimals="-5" name="us-gaap:InterestExpenseDebt" scale="6" id="f-1520">27.6</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 145.34pt;"> of interest expense related to our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 112.35pt;">securitized debt obligations.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">33<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1367-9" continuedAt="f-1367-10"><ix:continuation id="f-1364-5" continuedAt="f-1364-6"><div style="position: var(--position); top: 54pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 171.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 51pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 79.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 171.75pt; position: var(--position); top: 0pt; width: 323.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 129.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Securitized Debt Obligations<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 12.75pt; width: 51pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.84pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.86pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.08pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.72pt; position: var(--position); white-space: pre;">Book Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 46.47pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.58pt; position: var(--position); white-space: pre;"> Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.54pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 12.75pt; width: 79.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 79.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 27.17pt; position: var(--position); white-space: pre;">Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 46.260000000000005pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2021 FL4 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 49.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-428" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1521">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-429" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1522">785,453</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-429" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1523">785,442</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-428" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1524">1.39</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 49.5pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 19.34pt; position: var(--position); text-decoration: none; white-space: pre;">May 2038<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 64.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-430" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1525">22</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-431" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1526">952,764</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-431" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1527">952,764</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-430" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1528">2.95</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 64.5pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.06pt; position: var(--position); text-decoration: none; white-space: pre;">August 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2020 FL3 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 94.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 94.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-432" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1529">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-433" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1530">552,664</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-433" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1531">552,664</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-432" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1532">1.92</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 94.5pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 7.41pt; position: var(--position); text-decoration: none; white-space: pre;">November 2037<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 109.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 109.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-434" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1533">12</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-435" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1534">743,914</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-435" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1535">743,914</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-434" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1536">2.92</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 109.5pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 19.34pt; position: var(--position); text-decoration: none; white-space: pre;">June 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 124.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2020 FL2 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 139.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 139.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-436" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1537">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-437" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1538">598,850</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-437" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1539">598,850</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-436" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1540">1.50</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 139.5pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.46pt; position: var(--position); text-decoration: none; white-space: pre;">February 2038<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 154.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 154.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-438" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1541">12</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-439" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1542">855,725</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-439" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1543">855,725</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-438" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1544">2.79</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 415.5pt; position: var(--position); top: 154.5pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.06pt; position: var(--position); text-decoration: none; white-space: pre;">August 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 169.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 184.5pt; width: 171.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 161.8pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 184.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-440" decimals="INF" name="bxmt:LongTermDebtNumberOfLoans" scale="0" id="f-1545">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1546">1,936,967</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1547">1,936,956</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 23.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 23.71pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-440" decimals="4" name="bxmt:DebtSecuritizedObligationWeightedAverageCostOverVariableRate" scale="-2" id="f-1548">1.57</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 199.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 199.5pt; width: 51pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 51pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-440" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1549">46</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 228.75pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1550">2,552,403</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 291pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1551">2,552,403</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 23.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 23.71pt; position: var(--position);">+<ix:nonFraction unitRef="number" contextRef="c-440" decimals="4" name="bxmt:SecuritizedDebtObligationsYieldRate" scale="-2" id="f-1552">2.98</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 273.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 283pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.88pt;">The book value of underlying collateral assets excludes any applicable CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 294.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.87pt;">In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 306pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 247.21pt;">origination costs, purchase discounts, and accrual of exit fees.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 317.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 346.95pt;"><span style="-sec-ix-hidden:f-1553"><span style="-sec-ix-hidden:f-1554">The weighted-average all-in yield and cost are expressed as a spread over SOFR</span></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 120.93pt;">. All-in yield excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 329pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 281.62pt;">accounted for under the cost-recovery and nonaccrual methods, if any.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 340.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 352pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 363.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.96pt;">related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 375pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.88pt;">the securitizations.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 386.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.92pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 131.42000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.75pt;">year ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 175.17000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.7pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.94pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.2pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 314.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.05pt;">$<ix:nonFraction unitRef="usd" contextRef="c-440" decimals="-5" name="us-gaap:InterestExpenseDebt" format="ixt:num-dot-decimal" scale="6" id="f-1555">157.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 180.31pt;"> of interest expense related to our securitized<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 398pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.6pt;">debt obligations.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation><div style="position: absolute; top: 427.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_70"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 427.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">9. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:continuation id="f-1364-6" continuedAt="f-1364-7"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">ASSET-SPECIFIC DEBT, NET <span style="display: inline-block; height: 6.77pt;"></span></span></ix:continuation></div><ix:continuation id="f-1364-7" continuedAt="f-1364-8"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 445pt; width: 612pt;"><ix:continuation id="f-1367-10" continuedAt="f-1367-11"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 268.85pt;">The following table details our asset-specific debt ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 327.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-11" continuedAt="f-1367-12"><div style="position: var(--position); top: 470.3pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 141pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141pt; position: var(--position); top: 0pt; width: 354pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 354pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 150.45pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Asset-Specific Debt<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.97pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.86pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.08pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.72pt; position: var(--position); white-space: pre;">Book Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 49.47pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.61pt; position: var(--position); white-space: pre;">Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 47.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.69pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.55pt; position: var(--position); white-space: pre;"> Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 44.64pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Financing provided<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 34.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-56" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1556">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 34.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1557">494,081</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 34.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1558">492,235</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 34.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-56" decimals="4" name="bxmt:DebtAssetSpecificWeightedAverageCostOverVariableRate" scale="-2" id="f-1559">3.36</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 34.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 4.51pt; position: var(--position); text-decoration: none; white-space: pre;">September 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Collateral assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-56" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1560">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1561">611,628</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1562">606,073</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-56" decimals="4" name="bxmt:DebtAssetSpecificUnderlyingAssetsWeightedAverageYieldOverVariableRate" scale="-2" id="f-1563">4.58</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 49.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 4.51pt; position: var(--position); text-decoration: none; white-space: pre;">September 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 6.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 141pt;"><div><div style="line-height: 1pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 1pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 0.69pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 71.25pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141pt; position: var(--position); top: 71.25pt; width: 354pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 354pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 144.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 84pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Asset-Specific Debt<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 84pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.97pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 84pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.86pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.08pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 84pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.72pt; position: var(--position); white-space: pre;">Book Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 49.47pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 84pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.61pt; position: var(--position); white-space: pre;"> Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 84pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.69pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.55pt; position: var(--position); white-space: pre;"> Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 44.64pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 105.75pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Financing provided<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 105.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-441" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" scale="0" id="f-1564">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 105.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1565">1,228,110</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 105.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1566">1,224,841</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 105.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-441" decimals="4" name="bxmt:DebtAssetSpecificWeightedAverageCostOverVariableRate" scale="-2" id="f-1567">3.20</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 105.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 16.71pt; position: var(--position); text-decoration: none; white-space: pre;">June 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 120.75pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Collateral assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 120.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-441" decimals="INF" name="bxmt:DebtInstrumentCollateralAmountNumberOfLoans" scale="0" id="f-1568">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 120.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1569">1,467,185</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 120.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:DebtInstrumentCollateralAmount" format="ixt:num-dot-decimal" scale="3" id="f-1570">1,459,864</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 120.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-441" decimals="4" name="bxmt:DebtAssetSpecificUnderlyingAssetsWeightedAverageYieldOverVariableRate" scale="-2" id="f-1571">4.03</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 120.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 16.71pt; position: var(--position); text-decoration: none; white-space: pre;">June 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 611.05pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.88pt;">The book value of underlying collateral assets excludes any applicable CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 634.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="-sec-ix-hidden:f-1572"><span style="-sec-ix-hidden:f-1573"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.92pt;">The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 645.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 202.48pt;">which include SOFR and CORRA, as applicable.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 265.37pt;"> These floating rate loans and related liabilities are currency and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 657.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 668.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 294.63pt;">includes the amortization of deferred origination fees and financing costs.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 691.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.98pt;">extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 703.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 147.87pt;">to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">34<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_73"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">10. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="bxmt:LoanParticipationsSoldDisclosureTextBlock" id="f-1574" continuedAt="f-1574-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">LOAN PARTICIPATIONS SOLD, NET<span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1574-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 141.24pt;">stockholders&#8217; equity or net income.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 141pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="bxmt:ScheduleOfLoanParticipationsSoldTableTextBlock" id="f-1575" continuedAt="f-1575-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">The following table details our loan participations sold ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1575-1"><div style="position: var(--position); top: 152.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 141pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141pt; position: var(--position); top: 0pt; width: 354pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 354pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 150.45pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Participations Sold<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.97pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.86pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.08pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.72pt; position: var(--position); white-space: pre;">Book Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 49.47pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.61pt; position: var(--position); white-space: pre;"> Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 37.12pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.55pt; position: var(--position); white-space: pre;">Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 43.64pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Junior Participations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Loan Participation<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 94.06pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-442" decimals="INF" name="bxmt:NumberOfLoanParticipationsSold" scale="0" id="f-1576">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-169" decimals="-3" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1577">101,672</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-169" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilitiesAmount" format="ixt:num-dot-decimal" scale="3" id="f-1578">101,672</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 49.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-169" decimals="4" name="bxmt:ParticipationsSoldLoanYield" scale="-2" id="f-1579">9.72</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 49.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 7.83pt; position: var(--position); text-decoration: none; white-space: pre;">February 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Total Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 64.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-443" decimals="INF" name="bxmt:NumberOfLoanParticipationsSold" scale="0" id="f-1580">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 64.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-444" decimals="-3" name="bxmt:LoanParticipationsSoldTotalLoan" format="ixt:num-dot-decimal" scale="3" id="f-1581">456,960</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 64.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-444" decimals="-3" name="bxmt:LoanParticipationsSoldTotalLoanAmount" format="ixt:num-dot-decimal" scale="3" id="f-1582">456,891</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 64.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-444" decimals="4" name="bxmt:ParticipationsSoldLoanYield" scale="-2" id="f-1583">6.07</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 64.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 7.83pt; position: var(--position); text-decoration: none; white-space: pre;">February 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 6.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 141pt;"><div><div style="line-height: 1pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 1pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 0.69pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141pt; position: var(--position); top: 102pt; width: 354pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 354pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 144.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 114.75pt; width: 141pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 141pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Participations Sold<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 114.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.97pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 114.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.86pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.08pt; position: var(--position); text-decoration: none; white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 114.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.72pt; position: var(--position); white-space: pre;">Book Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 49.47pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 114.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.61pt; position: var(--position); white-space: pre;"> Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 114.75pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 37.12pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.94pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.55pt; position: var(--position); white-space: pre;">Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 43.64pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 136.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Junior Participations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 151.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Loan Participation<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 94.06pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 151.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-445" decimals="INF" name="bxmt:NumberOfLoanParticipationsSold" scale="0" id="f-1584">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 151.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-233" decimals="-3" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1585">100,064</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 151.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-233" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilitiesAmount" format="ixt:num-dot-decimal" scale="3" id="f-1586">100,064</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 151.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-233" decimals="4" name="bxmt:ParticipationsSoldLoanYield" scale="-2" id="f-1587">9.75</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 151.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 7.83pt; position: var(--position); text-decoration: none; white-space: pre;">February 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 166.5pt; width: 141pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 141pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Total Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 144.75pt; position: var(--position); top: 166.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="loan" contextRef="c-446" decimals="INF" name="bxmt:NumberOfLoanParticipationsSold" scale="0" id="f-1588">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 213.75pt; position: var(--position); top: 166.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-447" decimals="-3" name="bxmt:LoanParticipationsSoldTotalLoan" format="ixt:num-dot-decimal" scale="3" id="f-1589">442,142</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282.75pt; position: var(--position); top: 166.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-447" decimals="-3" name="bxmt:LoanParticipationsSoldTotalLoanAmount" format="ixt:num-dot-decimal" scale="3" id="f-1590">442,008</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 166.5pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 27.21pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-447" decimals="4" name="bxmt:ParticipationsSoldLoanYield" scale="-2" id="f-1591">6.14</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 56.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 166.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 7.83pt; position: var(--position); text-decoration: none; white-space: pre;">February 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 339pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 347pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.88pt;">The book value of underlying collateral assets excludes any applicable CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 358.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 370pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.98pt;">SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 381.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 393pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 62.71pt;">financing costs.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 404.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.99pt;">The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 416pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 461.71pt;">the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 427.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.72pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 133.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.45pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.6pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.78pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 283.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.9pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.95pt;">$<ix:nonFraction unitRef="usd" contextRef="c-448" decimals="-5" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="6" id="f-1592">3.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.56pt;"> of interest expense related to our loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 439pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 124.48pt;">participations sold. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.98000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.66pt;">year ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.61pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.76pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 335.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.32pt;">, we recorded<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.61pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.96pt;">$<ix:nonFraction unitRef="usd" contextRef="c-449" decimals="-5" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="6" id="f-1593">22.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 445.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 107.5pt;"> of interest expense related<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 450.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 121.82pt;">to our loan participations sold.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation><div style="position: absolute; top: 480pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_76"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 480pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">11. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:continuation id="f-1364-8" continuedAt="f-1364-9"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">TERM LOANS, NET <span style="display: inline-block; height: 6.77pt;"></span></span></ix:continuation></div><ix:continuation id="f-1364-9" continuedAt="f-1364-10"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 497.5pt; width: 612pt;"><ix:continuation id="f-1367-12" continuedAt="f-1367-13"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.44pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.44pt;">, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 516.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-13" continuedAt="f-1367-14"><div style="position: var(--position); top: 525.9pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 185.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 85.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 185.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Term Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 189pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.89pt; position: var(--position); text-decoration: none; white-space: pre;">Face Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 262.5pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.54pt; position: var(--position); white-space: pre;">Interest Rate<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 54.15pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.28pt; position: var(--position); white-space: pre;">All-in Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 47.35pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 409.5pt; position: var(--position); top: 0pt; width: 85.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 27.21pt; position: var(--position); text-decoration: none; white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">B-1 Term Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 189pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-450" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1594">309,268</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 262.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-451" decimals="4" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="f-1595">2.36</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-452" decimals="4" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="f-1596">2.53</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 409.5pt; position: var(--position); top: 12.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.28pt; position: var(--position); text-decoration: none; white-space: pre;">April 23, 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">B-4 Term Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 189pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-453" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1597">803,105</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 262.5pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-454" decimals="4" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="f-1598">3.50</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-455" decimals="4" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="f-1599">4.11</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 409.5pt; position: var(--position); top: 27.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.05pt; position: var(--position); text-decoration: none; white-space: pre;">May 9, 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">B-5 Term Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 189pt; position: var(--position); top: 42.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-456" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1600">648,375</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 262.5pt; position: var(--position); top: 42.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-457" decimals="4" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="f-1601">3.75</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 42.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ <ix:nonFraction unitRef="number" contextRef="c-458" decimals="4" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="f-1602">4.27</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 409.5pt; position: var(--position); top: 42.75pt; width: 85.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 85.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 4.33pt; position: var(--position); text-decoration: none; white-space: pre;">December 10, 2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total face value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 189pt; position: var(--position); top: 57.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1603">1,760,748</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 603.65pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.16pt;">The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-457" decimals="4" name="bxmt:DebtInstrumentVariableRateFloor" scale="-2" id="f-1604"><ix:nonFraction unitRef="number" contextRef="c-454" decimals="4" name="bxmt:DebtInstrumentVariableRateFloor" scale="-2" id="f-1605">0.50</ix:nonFraction></ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.67pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 467.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.28pt;">The Term Loans are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 627.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 115.2pt;">indexed to one-month SOFR<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 638.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.96pt;">Includes issue discount and transaction expenses that are amortized through interest expense over the life of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 650.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.05pt;">Term Loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 673.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 286.23pt;">The Term Loans are partially amortizing, with an amount equal to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 344.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><ix:nonFraction unitRef="number" contextRef="c-58" decimals="3" name="bxmt:DebtInstrumentAmortizationPercentage" scale="-2" id="f-1606">1.0</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 365.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 187.91pt;"> per annum of the aggregate initial principal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 685.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 147.37pt;">balance due in quarterly installments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 298.62pt;">. The issue discount and transaction expenses on the B-1 Term Loan were <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 504.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.94pt;">$<ix:nonFraction unitRef="usd" contextRef="c-450" decimals="-5" name="us-gaap:DebtInstrumentUnamortizedDiscount" format="ixt:num-dot-decimal" scale="6" id="f-1607">3.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 696.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.17pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.09pt;">$<ix:nonFraction unitRef="usd" contextRef="c-450" decimals="-5" name="us-gaap:DeferredFinanceCostsGross" format="ixt:num-dot-decimal" scale="6" id="f-1608">12.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 352.39pt;">, respectively. The issue discount and transaction expenses of the B-4 Term Loan were <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 482.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.09pt;">$<ix:nonFraction unitRef="usd" contextRef="c-453" decimals="-5" name="us-gaap:DebtInstrumentUnamortizedDiscount" format="ixt:num-dot-decimal" scale="6" id="f-1609">17.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 536.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.17pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 708.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-453" decimals="-5" name="us-gaap:DeferredFinanceCostsGross" format="ixt:num-dot-decimal" scale="6" id="f-1610">10.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.06pt;">, respectively. The issue discount and transaction expenses of the B-5 Term loan were <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-456" decimals="-5" name="us-gaap:DebtInstrumentUnamortizedDiscount" format="ixt:num-dot-decimal" scale="6" id="f-1611">3.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.67pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 719.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.03pt;">$<ix:nonFraction unitRef="usd" contextRef="c-456" decimals="-5" name="us-gaap:DeferredFinanceCostsGross" format="ixt:num-dot-decimal" scale="6" id="f-1612">5.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 108.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 444.97pt;">, respectively. These discounts and expenses are amortized into interest expense over the life of each Term<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">35<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1364-10" continuedAt="f-1364-11"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 72.91pt;">Loan. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 131.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.49pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 210.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.12pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 214.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.82pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 278.84000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.46pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.47pt;">$<ix:nonFraction unitRef="usd" contextRef="c-58" decimals="-5" name="us-gaap:InterestExpenseDebt" scale="6" id="f-1613">36.2</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 161.63pt;"> of interest expense related to our Term<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.66pt;">Loans, including <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-58" decimals="-5" name="us-gaap:AmortizationOfFinancingCosts" format="ixt:num-dot-decimal" scale="6" id="f-1614">2.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 186.99pt;"> of amortization of deferred fees and expenses.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 89pt; width: 612pt;"><ix:continuation id="f-1367-14" continuedAt="f-1367-15"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 471.99pt;">The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-15" continuedAt="f-1367-16"><div style="position: var(--position); top: 118pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 341.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 341.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 0pt; width: 75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 0pt; width: 75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.19pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Face value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 12.75pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1615">1,760,748</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 12.75pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1616">1,764,437</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred financing costs and unamortized discount<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 27.75pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.21pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1617">30,183</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 27.75pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.21pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-3" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1618">32,364</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net book value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 42.75pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:SecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-1619">1,730,565</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420pt; position: var(--position); top: 42.75pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-3" name="us-gaap:SecuredDebt" format="ixt:num-dot-decimal" scale="3" id="f-1620">1,732,073</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 192.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 358.54pt;">The Term Loans contain the financial covenant that our indebtedness shall not exceed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 417.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.83pt;"><ix:nonFraction unitRef="number" contextRef="c-459" decimals="4" name="bxmt:DebtInstrumentCovenantTotalDebtToTotalAssetsMaximum" scale="-2" id="f-1621"><ix:nonFraction unitRef="number" contextRef="c-460" decimals="4" name="bxmt:DebtInstrumentCovenantTotalDebtToTotalAssetsMaximum" scale="-2" id="f-1622">83.33</ix:nonFraction></ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 447.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 105.46pt;"> of our total assets. As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.46pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.31pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.42pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 231.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 232.46pt;">, we were in compliance with this covenant. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.86pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 493.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.48pt;"> for additional<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 215.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 230.6pt;">discussion of our accounting policies for the Term Loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 289.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="position: absolute; top: 245.25pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_79"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 245.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">12. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:continuation id="f-1364-11" continuedAt="f-1364-12"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">SENIOR SECURED NOTES, NET<span style="display: inline-block; height: 6.77pt;"></span></span></ix:continuation></div><ix:continuation id="f-1364-12" continuedAt="f-1364-13"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262.75pt; width: 612pt;"><ix:continuation id="f-1367-16" continuedAt="f-1367-17"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.44pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 387.71pt;">, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-17" continuedAt="f-1367-18"><div style="position: var(--position); top: 285.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 493.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 153.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 90.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 153.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 153.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Senior Secured Notes Issuance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.89pt; position: var(--position); text-decoration: none; white-space: pre;">Face Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 239.25pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.57pt; position: var(--position); text-decoration: none; white-space: pre;">Interest Rate<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.31pt; position: var(--position); white-space: pre;">All-in Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 50.38pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 0pt; width: 90.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 90.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 29.83pt; position: var(--position); text-decoration: none; white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 153.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 153.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">October 2021<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-461" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1623">335,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 239.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);"><ix:nonFraction unitRef="number" contextRef="c-461" decimals="INF" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" id="f-1624">3.75</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);"><ix:nonFraction unitRef="number" contextRef="c-461" decimals="4" name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" scale="-2" id="f-1625">4.06</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 12.75pt; width: 90.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 19.54pt; position: var(--position); text-decoration: none; white-space: pre;">January 15, 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 153.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 153.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">December 2024<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-462" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1626">450,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 239.25pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);"><ix:nonFraction unitRef="number" contextRef="c-462" decimals="INF" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" id="f-1627">7.75</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 309pt; position: var(--position); top: 27.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 321pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);"><ix:nonFraction unitRef="number" contextRef="c-462" decimals="4" name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" scale="-2" id="f-1628">8.14</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 402.75pt; position: var(--position); top: 27.75pt; width: 90.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.58pt; position: var(--position); text-decoration: none; white-space: pre;">December 1, 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 333.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 345pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 461.37pt;">Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 356.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.83pt;">Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 368pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 265.67pt;">our fixed rate exposure to a SOFR + 3.95% floating rate exposure.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 391.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 145.17pt;">The transaction expenses on the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 132.49pt;">senior secured notes due 2027<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 336.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.56pt;">, or the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 375.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.24pt;">October 2021 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 525.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.42pt;">, were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 403pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.93pt;">$<ix:nonFraction unitRef="usd" contextRef="c-461" decimals="-5" name="us-gaap:DeferredFinanceCostsGross" format="ixt:num-dot-decimal" scale="6" id="f-1629">6.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 109.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 274.9pt;">, which are amortized into interest expense over the life of the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 146.52pt;">October 2021 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.61pt;">. The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 414.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.53pt;">transaction expenses on the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 172.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 121.89pt;">senior secured notes due 2029<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.91999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.61pt;">, or the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 148.5pt;">December 2024 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.63pt;">, were <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 501.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-462" decimals="-5" name="us-gaap:DeferredFinanceCostsGross" format="ixt:num-dot-decimal" scale="6" id="f-1630">7.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 426pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 245.27pt;">which are amortized into interest expense over the life of the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 147.18pt;">December 2024 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.61pt;">. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 501.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.92pt;">three months<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 437.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.86pt;">ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.24pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 86.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.06pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.82pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 215.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-60" decimals="-5" name="us-gaap:InterestExpenseDebt" format="ixt:num-dot-decimal" scale="6" id="f-1631">12.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 282.38pt;"> of interest expense related to our Senior Secured Notes, including<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 449pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-60" decimals="-3" name="us-gaap:AmortizationOfFinancingCosts" format="ixt:num-dot-decimal" scale="0" id="f-1632">697,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 96pt; position: var(--position); text-decoration: none; white-space: pre; width: 186.99pt;"> of amortization of deferred fees and expenses.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.23pt;">There was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 103.72999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">no<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.72999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 257.84pt;"> repurchase activity or gain on debt extinguishment during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.65pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 451.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.2pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 454.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.98pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 519.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 521.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.2pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 525.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.32pt;">During<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 484pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.66pt;">the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 74.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.17pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.32999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.46pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 157.79000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.5pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 208.69pt;">, we repurchased an aggregate principal amount of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 431.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.46pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 435.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.81pt;">$<ix:nonFraction unitRef="usd" contextRef="c-463" decimals="-5" name="us-gaap:ExtinguishmentOfDebtAmount" format="ixt:num-dot-decimal" scale="6" id="f-1633">26.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 490.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.91pt;"> of the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 521.1600000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.18pt;">October<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.1pt;">2021 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 137.08pt;"> at a weighted-average price of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-463" decimals="2" name="bxmt:DebtInstrumentRepurchaseWeightedAveragePricePercentage" scale="-2" id="f-1634">88</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 323.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 6.86pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 223.48pt;">This resulted in a gain on extinguishment of debt of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 507pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-463" decimals="-5" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" format="ixt:num-dot-decimal" scale="6" id="f-1635">3.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.8pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 231.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 297.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 530.5pt; width: 612pt;"><ix:continuation id="f-1367-18" continuedAt="f-1367-19"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1367-19" continuedAt="f-1367-20"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 542pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 553.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 341.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 0pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.58pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 419.25pt; position: var(--position); top: 0pt; width: 75.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 75.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.56pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Face value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1636">785,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 419.25pt; position: var(--position); top: 12.75pt; width: 75.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1637">785,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred financing costs<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 27.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:DeferredFinanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1638">9,237</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 419.25pt; position: var(--position); top: 27.75pt; width: 75.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 43.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" name="us-gaap:DeferredFinanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1639">9,857</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="-sec-ix-hidden:f-1640"><span style="-sec-ix-hidden:f-1641"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Hedging adjustments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 87.27pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 42.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.04pt;"></span></span><span style="left: 47.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-1642">3,108</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 419.25pt; position: var(--position); top: 42.75pt; width: 75.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 43.21pt;"></span></span><span style="left: 45.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" sign="-" name="us-gaap:HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-1643">4,424</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 341.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 341.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net book value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 341.25pt; position: var(--position); top: 57.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.04pt;"></span></span><span style="left: 37.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1644">779,187</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 419.25pt; position: var(--position); top: 57.75pt; width: 75.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1645">771,035</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 631.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 642.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.95pt;">Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 654.25pt; width: 612pt;"><ix:continuation id="f-1367-20"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 147.06pt;">December 2024 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.02pt;"> into floating rate. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 14<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.24pt;"> for additional discussion.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 476.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 677.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 387.74pt;">The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.83pt;"><ix:nonFraction unitRef="number" contextRef="c-464" decimals="4" name="bxmt:DebtInstrumentCovenantTotalDebtToTotalAssetsMaximum" scale="-2" id="f-1646">83.33</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.28pt;"> of our total assets.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 689.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.56pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.55pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 169.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 364.04pt;">, we were in compliance with this covenant. Under certain circumstances, we may, at our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 700.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 712.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 275.15pt;">a total unencumbered assets to total unsecured indebtedness ratio of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;"><ix:nonFraction unitRef="number" contextRef="c-464" decimals="2" name="bxmt:DebtInstrumentCovenantTotalUnencumberedAssetsToTotalUnsecuredDebtRatioMinimum" scale="0" id="f-1647">1.20</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 351.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.53pt;"> or greater. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 397.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 155.76pt;">This covenant is not currently in effect<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 723.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 294.07pt;">as the collateral securing our Senior Secured Notes has not been released.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">36<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_82"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">13. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:continuation id="f-1364-13" continuedAt="f-1364-14"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">CONVERTIBLE NOTES, NET <span style="display: inline-block; height: 6.77pt;"></span></span></ix:continuation></div><ix:continuation id="f-1364-14" continuedAt="f-1364-15"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ConvertibleDebtTableTextBlock" id="f-1648" continuedAt="f-1648-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.44pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 388.52pt;">, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1648-1" continuedAt="f-1648-2"><div style="position: var(--position); top: 100.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 132.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 62.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 62.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 62.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 77.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 80.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 132.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 132.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Convertible Notes Issuance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135.75pt; position: var(--position); top: 0pt; width: 62.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 62.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.14pt; position: var(--position); text-decoration: none; white-space: pre;">Face Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 201.75pt; position: var(--position); top: 0pt; width: 62.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 62.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.82pt; position: var(--position); text-decoration: none; white-space: pre;">Interest Rate <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 267.75pt; position: var(--position); top: 0pt; width: 62.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 62.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.56pt; position: var(--position); white-space: pre;">All-in Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 46.63pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 0pt; width: 77.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 77.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.18pt; position: var(--position); white-space: pre;">Conversion Price<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 65.00999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 0pt; width: 80.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.58pt; position: var(--position); text-decoration: none; white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 132.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 132.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">March 2022 convertible notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135.75pt; position: var(--position); top: 12.75pt; width: 62.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 62.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-466" decimals="-3" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="3" id="f-1649">266,157</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 201.75pt; position: var(--position); top: 12.75pt; width: 62.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 62.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 19.15pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-466" decimals="4" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" scale="-2" id="f-1650">5.50</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 267.75pt; position: var(--position); top: 12.75pt; width: 62.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 62.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 19.15pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-466" decimals="4" name="bxmt:DebtInstrumentInterestRateStatedPercentageIncludingAmortizationCost" scale="-2" id="f-1651">5.79</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 12.75pt; width: 77.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 77.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.81pt; position: var(--position); text-decoration: none; white-space: pre;">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-466" decimals="2" name="us-gaap:DebtInstrumentConvertibleConversionPrice1" scale="0" id="f-1652">36.27</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 12.75pt; width: 80.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 80.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.33pt; position: var(--position); text-decoration: none; white-space: pre;">March 15, 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 133.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 144.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.91pt;">Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 156.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 101.78pt;">effective interest method.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 167.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 355.09pt;">Represents the price of class A common stock per share based on a conversion rate of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 440.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">27.5702<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.38pt;"> for the Convertible<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 179.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 401.92pt;">Notes. The conversion rate represents the number of shares of class A common stock issuable per <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 487.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$1,000<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.58pt;"> principal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 190.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 279.15pt;">amount of Convertible Notes. The cumulative dividend threshold has <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;">not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 377.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.16pt;"> been exceeded as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 462.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 526.1600000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.6600000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 214.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 225.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders&#8217; option into shares of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 237.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 248.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 260.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.82pt;">of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 271.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 183.44pt;">sale price of our class A common stock of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 241.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-3" decimals="2" name="us-gaap:SharePrice" scale="0" id="f-1653">20.00</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 269.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.84pt;"> on <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 353.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 118.7pt;">, the last trading day in the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.09pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 283.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.57pt;">, was less than the per share conversion price of the Convertible Notes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 306.75pt; width: 612pt;"><ix:continuation id="f-1648-2" continuedAt="f-1648-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1648-3" continuedAt="f-1648-4"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 318.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 329.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 339.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 73.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 339.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 339.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 0pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.45pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 0pt; width: 73.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.44pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Face value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1654">266,157</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 12.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1655">266,157</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred financing costs and unamortized discount<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 27.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 48.09pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1656">2,259</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 27.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.71pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-3" name="us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet" format="ixt:num-dot-decimal" scale="3" id="f-1657">2,541</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net book value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 42.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1658">263,898</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 42.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1659">263,616</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 404.5pt; width: 612pt;"><ix:continuation id="f-1648-4" continuedAt="f-1648-5"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 221.91pt;">The following table details our interest expense related <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 280.40999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.62pt;">to the Convertible Notes ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1648-5"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 428.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 351.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 351.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 0pt; width: 143.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.67pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 351.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash coupon<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-469" decimals="-3" name="us-gaap:InterestExpenseDebtExcludingAmortization" format="ixt:num-dot-decimal" scale="3" id="f-1660">3,660</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-470" decimals="-3" name="us-gaap:InterestExpenseDebtExcludingAmortization" format="ixt:num-dot-decimal" scale="3" id="f-1661">4,125</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Discount and issuance cost amortization<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-469" decimals="-3" name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" scale="3" id="f-1662">282</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-470" decimals="-3" name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" scale="3" id="f-1663">319</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total interest expense<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-469" decimals="-3" name="us-gaap:InterestExpenseDebt" format="ixt:num-dot-decimal" scale="3" id="f-1664">3,942</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-470" decimals="-3" name="us-gaap:InterestExpenseDebt" format="ixt:num-dot-decimal" scale="3" id="f-1665">4,444</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 516pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 224.56pt;">Accrued interest payable for the Convertible Notes was <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 283.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:InterestPayableCurrentAndNoncurrent" format="ixt:num-dot-decimal" scale="0" id="f-1666">649,000</ix:nonFraction><span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.53pt;"> and <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.9pt;">$<ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-5" name="us-gaap:InterestPayableCurrentAndNoncurrent" scale="6" id="f-1667">4.3</ix:nonFraction> million<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 388.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.38pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.75pt;">as of <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 414.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.53pt;"> and <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 497.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.09pt;">December&#160;31,<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529.8pt; width: 612pt;"><ix:continuation id="f-1364-15"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.25pt;">respectively<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 131.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.95pt;">. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 171.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 314.12pt;"> for additional discussion of our accounting policies for the Convertible Notes.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 559.3pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_85"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 559.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">14. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" id="f-1670" continuedAt="f-1670-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">DERIVATIVE FINANCIAL INSTRUMENTS <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1670-1" continuedAt="f-1670-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 588.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 599.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">value hedges under the hedge accounting requirements of ASC 815 &#8211; &#8220;Derivatives and Hedging.&#8221; Derivatives not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 611.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.6pt;">identified risks. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.01999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 345.21pt;"> for additional discussion of the accounting for designated and non-designated hedges.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 646.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 657.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 669.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.21pt;">our affiliates also have other financial relationships.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.71000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">37<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-1670-2" continuedAt="f-1670-3"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Net Investment Hedges of Foreign Currency Risk<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 131.28pt;">flows in terms of the U.S. dollar.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 135.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Designated Hedges of Foreign Currency Risk <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 153pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfNotionalAmountsOfOutstandingDerivativePositionsTableTextBlock" id="f-1671" continuedAt="f-1671-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1671-1" continuedAt="f-1671-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.58pt;">foreign currency risk (notional amounts in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.08000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 12pt; position: var(--position); top: 176pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 189.8pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 494.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 129pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 58.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 129pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 58.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 245.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 245.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 96.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 0pt; width: 245.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 245.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 90.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 129pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign Currency Derivatives<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 12.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.59pt; position: var(--position); white-space: pre;">Number of<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.26pt; position: var(--position); white-space: pre;"> Instruments<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 12.75pt; width: 58.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 58.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.59pt; position: var(--position); white-space: pre;">Notional<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 58.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.26pt; position: var(--position); white-space: pre;"> Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 12.75pt; width: 129pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign Currency Derivatives<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 12.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.59pt; position: var(--position); white-space: pre;">Number of<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.26pt; position: var(--position); white-space: pre;"> Instruments<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435.75pt; position: var(--position); top: 12.75pt; width: 58.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 58.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.59pt; position: var(--position); white-space: pre;">Notional<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 58.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.26pt; position: var(--position); white-space: pre;"> Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell SEK Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 34.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-472" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1672">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 34.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">kr <span style="display: inline-block; height: 6.93pt; width: 8.46pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="sek" contextRef="c-472" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1673">970,177</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 34.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell SEK Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 34.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-473" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1674">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435.75pt; position: var(--position); top: 34.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">kr <span style="display: inline-block; height: 6.93pt; width: 8.46pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="sek" contextRef="c-473" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1675">971,180</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell GBP Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 49.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-474" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1676">9</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 49.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 14.29pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="gbp" contextRef="c-474" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1677">596,868</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 49.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell GBP Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 49.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-475" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1678">5</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435.75pt; position: var(--position); top: 49.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 14.29pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="gbp" contextRef="c-475" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1679">604,739</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell EUR Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 64.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-476" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1680">8</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 64.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 14.29pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="eur" contextRef="c-476" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1681">615,758</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 64.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell EUR Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 64.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-477" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1682">8</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435.75pt; position: var(--position); top: 64.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 14.29pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="eur" contextRef="c-477" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1683">603,910</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell AUD Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 79.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-478" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1684">4</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 79.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">A$<span style="display: inline-block; height: 6.93pt; width: 7.07pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="aud" contextRef="c-478" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1685">364,687</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 79.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell AUD Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 79.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-479" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1686">6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435.75pt; position: var(--position); top: 79.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">A$<span style="display: inline-block; height: 6.93pt; width: 7.07pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="aud" contextRef="c-479" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1687">355,703</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 94.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell CAD Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 94.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-480" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1688">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 94.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">C$<span style="display: inline-block; height: 6.93pt; width: 7.63pt;"></span></span><span style="left: 21.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="cad" contextRef="c-480" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1689">119,585</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 249pt; position: var(--position); top: 94.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell CHF Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 94.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-481" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1690">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435.75pt; position: var(--position); top: 94.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">CHF<span style="display: inline-block; height: 6.93pt; width: 9.85pt;"></span></span><span style="left: 31.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="chf" contextRef="c-481" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1691">6,752</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 109.5pt; width: 129pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 129pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell CHF Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 132.75pt; position: var(--position); top: 109.5pt; width: 50.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-482" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1692">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 186.75pt; position: var(--position); top: 109.5pt; width: 58.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 58.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">CHF<span style="display: inline-block; height: 6.93pt; width: 9.85pt;"></span></span><span style="left: 31.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="chf" contextRef="c-482" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1693">6,752</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 330.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Non-designated Hedges of Foreign Currency Risk<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 348.3pt; width: 612pt;"><ix:continuation id="f-1671-2" continuedAt="f-1671-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1671-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 359.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 186.22pt;">currency risk (notional amounts in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 12pt; position: var(--position); top: 371.3pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 385.1pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 493.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 132pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 131.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 1.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 56.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 244.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 244.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 95.7pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 247.5pt; position: var(--position); top: 0pt; width: 246pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 90.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 132pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 132pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-designated Hedges<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.09pt; position: var(--position); white-space: pre;">Number of<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.76pt; position: var(--position); white-space: pre;"> Instruments<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 191.25pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.97pt; position: var(--position); white-space: pre;">Notional<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.64pt; position: var(--position); white-space: pre;"> Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 247.5pt; position: var(--position); top: 12.75pt; width: 131.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-designated Hedges<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 382.5pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.09pt; position: var(--position); white-space: pre;">Number of<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.76pt; position: var(--position); white-space: pre;"> Instruments<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 437.25pt; position: var(--position); top: 12.75pt; width: 56.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.47pt; position: var(--position); white-space: pre;">Notional<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 56.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.14pt; position: var(--position); white-space: pre;"> Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 132pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 132pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy EUR / Sell USD Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-483" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1694">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 191.25pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="eur" contextRef="c-483" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1695">14,300</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 247.5pt; position: var(--position); top: 34.5pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy GBP / Sell USD Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 382.5pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-484" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1696">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 437.25pt; position: var(--position); top: 34.5pt; width: 56.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 17.04pt;"></span></span><span style="left: 24.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="gbp" contextRef="c-484" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1697">54,400</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 132pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 132pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell EUR Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135pt; position: var(--position); top: 49.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-485" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1698">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 191.25pt; position: var(--position); top: 49.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 14.04pt;"></span></span><span style="left: 21.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="eur" contextRef="c-485" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1699">14,300</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 247.5pt; position: var(--position); top: 49.5pt; width: 131.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 131.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell GBP Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 382.5pt; position: var(--position); top: 49.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-486" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1700">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 437.25pt; position: var(--position); top: 49.5pt; width: 56.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 56.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 17.04pt;"></span></span><span style="left: 24.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="gbp" contextRef="c-486" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1701">54,400</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 132pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 132pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy GBP / Sell USD Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135pt; position: var(--position); top: 64.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-487" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1702">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 191.25pt; position: var(--position); top: 64.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 19.04pt;"></span></span><span style="left: 26.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="gbp" contextRef="c-487" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1703">6,600</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 132pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 132pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Buy USD / Sell GBP Forward<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 135pt; position: var(--position); top: 79.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-488" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1704">2</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 191.25pt; position: var(--position); top: 79.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 19.04pt;"></span></span><span style="left: 26.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="gbp" contextRef="c-488" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1705">6,600</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 502.6pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Fair Value Hedges of Interest Rate Risk<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 228.9pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 520.1pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 531.6pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 543.1pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.79pt;">fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 554.6pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 205.05pt;">corresponding changes in the fair value of the debt.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 263.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 578.1pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfInterestRateDerivativesTableTextBlock" id="f-1706" continuedAt="f-1706-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1706-1" continuedAt="f-1706-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 589.6pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.88pt;">risk (notional amount in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 607.1pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 150pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 51.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 95.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="11" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 220.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 150pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Interest Rate Derivatives<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 12.75pt; width: 51.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 51.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.34pt; position: var(--position); text-decoration: none; white-space: pre;">Number of <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 51.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.01pt; position: var(--position); text-decoration: none; white-space: pre;">Instruments<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 209.25pt; position: var(--position); top: 12.75pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.73pt; position: var(--position); text-decoration: none; white-space: pre;">Notional Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.09pt; position: var(--position); white-space: pre;">Fixed Rate<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342.75pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.85pt; position: var(--position); text-decoration: none; white-space: pre;">Index<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 399.75pt; position: var(--position); top: 12.75pt; width: 95.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 95.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.43pt; position: var(--position); white-space: pre;">Maturity (Years)<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Interest Rate Swaps<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 34.5pt; width: 51.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 51.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-489" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1707">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 209.25pt; position: var(--position); top: 34.5pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.54pt;"></span></span><span style="left: 36.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-489" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1708">450,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.65pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-489" decimals="4" name="us-gaap:DerivativeFixedInterestRate" scale="-2" id="f-1709">3.81</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342.75pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.12pt; position: var(--position); text-decoration: none; white-space: pre;">SOFR<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 399.75pt; position: var(--position); top: 34.5pt; width: 95.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 95.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-490" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-1710">4.7</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">38<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-1670-3" continuedAt="f-1670-4"><div><ix:continuation id="f-1706-2"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 150pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 51.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 53.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 95.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="11" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 215.19pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 150pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Interest Rate Derivatives<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 12.75pt; width: 51.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 51.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.34pt; position: var(--position); text-decoration: none; white-space: pre;">Number of <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 51.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.01pt; position: var(--position); text-decoration: none; white-space: pre;">Instruments<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 209.25pt; position: var(--position); top: 12.75pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.73pt; position: var(--position); text-decoration: none; white-space: pre;">Notional Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.09pt; position: var(--position); white-space: pre;">Fixed Rate<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342.75pt; position: var(--position); top: 12.75pt; width: 53.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.85pt; position: var(--position); text-decoration: none; white-space: pre;">Index<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 399.75pt; position: var(--position); top: 12.75pt; width: 95.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 95.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.43pt; position: var(--position); white-space: pre;">Maturity (Years)<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Interest Rate Swaps<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 34.5pt; width: 51.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 51.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="derivative_instrument" contextRef="c-491" decimals="INF" name="us-gaap:DerivativeNumberOfInstrumentsHeld" scale="0" id="f-1711">1</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 209.25pt; position: var(--position); top: 34.5pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.54pt;"></span></span><span style="left: 36.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-491" decimals="-3" name="us-gaap:DerivativeNotionalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1712">450,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.65pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="number" contextRef="c-491" decimals="4" name="us-gaap:DerivativeFixedInterestRate" scale="-2" id="f-1713">3.81</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342.75pt; position: var(--position); top: 34.5pt; width: 53.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 53.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 14.12pt; position: var(--position); text-decoration: none; white-space: pre;">SOFR<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 399.75pt; position: var(--position); top: 34.5pt; width: 95.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 95.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-492" name="us-gaap:DerivativeAverageRemainingMaturity1" format="ixt-sec:duryear" id="f-1714">4.9</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 132pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfFairValueHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" id="f-1715" continuedAt="f-1715-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1715-1" continuedAt="f-1715-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 143.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.43pt;">hedges ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 166.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 150pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 168.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 168.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 220.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 30.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.9pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Line Item in the Consolidated Balance <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.01pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Sheets in which the Hedged Item is <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 22.12pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Included<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 12.75pt; width: 168.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.01pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.1pt; position: var(--position); white-space: pre;">Carrying Amount of the Hedged Assets/ <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 22.12pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 67.28pt; position: var(--position); white-space: pre;">Liabilities<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 326.25pt; position: var(--position); top: 12.75pt; width: 168.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.01pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.33pt; position: var(--position); white-space: pre;">Cumulative Amount of Fair Value Hedging <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 22.12pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12pt; position: var(--position); white-space: pre;">Adjustment Included in Carrying Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 43.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Senior secured notes, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 43.5pt; width: 168.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 168.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 124.54pt;"></span></span><span style="left: 132.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:HedgedLiabilityFairValueHedge" format="ixt:num-dot-decimal" scale="3" id="f-1716">445,664</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 326.25pt; position: var(--position); top: 43.5pt; width: 168.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 168.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 134.54pt;"></span></span><span style="left: 142.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-1717">3,108</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 242pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 150pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 168.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 168.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 495pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 215.19pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 30.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 150pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.9pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Line Item in the Consolidated Balance <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.01pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Sheets in which the Hedged Item is <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 22.12pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Included<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 12.75pt; width: 168.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.01pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.1pt; position: var(--position); white-space: pre;">Carrying Amount of the Hedged Assets/ <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 22.12pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 67.28pt; position: var(--position); white-space: pre;">Liabilities<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 326.25pt; position: var(--position); top: 12.75pt; width: 168.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.01pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.33pt; position: var(--position); white-space: pre;">Cumulative Amount of Fair Value Hedging <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 22.12pt; width: 168.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12pt; position: var(--position); white-space: pre;">Adjustment Included in Carrying Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 43.5pt; width: 150pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 150pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Senior secured notes, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153.75pt; position: var(--position); top: 43.5pt; width: 168.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 168.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 124.54pt;"></span></span><span style="left: 132.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:HedgedLiabilityFairValueHedge" format="ixt:num-dot-decimal" scale="3" id="f-1718">437,760</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 326.25pt; position: var(--position); top: 43.5pt; width: 168.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 168.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 131.21pt;"></span></span><span style="left: 138.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" sign="-" name="us-gaap:HedgedLiabilityFairValueHedgeCumulativeIncreaseDecrease" format="ixt:num-dot-decimal" scale="3" id="f-1719">4,424</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 317.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 356.11pt;">Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 335pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfDerivativesInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" id="f-1720" continuedAt="f-1720-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 125.42pt;">The following table presents th<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.92000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 369.57pt;">e effect of our derivative financial instruments on our consolidated statements of operations<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1720-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 346.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.18pt;">($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 358pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 212.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 143.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 64.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 64.5pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 212.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 0pt; width: 132.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 132.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.33pt; position: var(--position); text-decoration: none; white-space: pre;">Increase (Decrease) to Net Interest <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 132.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.43pt; position: var(--position); text-decoration: none; white-space: pre;">Income Recognized from Derivatives<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 21.75pt; width: 132.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 132.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.42pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 36pt; width: 212.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Derivatives in Hedging Relationships<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216pt; position: var(--position); top: 36pt; width: 143.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 143.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 38.54pt; position: var(--position); white-space: pre;">Location of Income<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 143.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 33.22pt; position: var(--position); white-space: pre;"> (Expense) Recognized<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 36pt; width: 64.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.25pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 430.5pt; position: var(--position); top: 36pt; width: 64.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.25pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 212.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Designated Hedges<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216pt; position: var(--position); top: 57.75pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 143.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.39pt; position: var(--position); white-space: pre;">Interest Income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 99.8pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 57.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.29pt;"></span></span><span style="left: 37.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-493" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1721">2,951</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 430.5pt; position: var(--position); top: 57.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.29pt;"></span></span><span style="left: 37.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-494" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1722">4,412</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 212.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Designated Hedges<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216pt; position: var(--position); top: 72.75pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 143.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.44pt; position: var(--position); white-space: pre;">Interest Expense<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 101.74pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 72.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 39.46pt;"></span></span><span style="left: 42.09pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-495" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" scale="3" id="f-1723">568</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 430.5pt; position: var(--position); top: 72.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-496" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" scale="3" id="f-1724">425</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 212.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-Designated Hedges<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216pt; position: var(--position); top: 87.75pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 143.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 37.39pt; position: var(--position); white-space: pre;">Interest Income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 99.8pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 87.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 47.79pt;"></span></span><span style="left: 50.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-497" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:fixed-zero" scale="3" id="f-1725">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 430.5pt; position: var(--position); top: 87.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 49.46pt;"></span></span><span style="left: 52.09pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-498" decimals="-3" sign="-" name="us-gaap:DerivativeGainLossOnDerivativeNet" scale="3" id="f-1726">6</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 212.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-Designated Hedges<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216pt; position: var(--position); top: 102.75pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 143.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.44pt; position: var(--position); white-space: pre;">Interest Expense<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 101.74pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 102.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.79pt;"></span></span><span style="left: 55.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-499" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" scale="3" id="f-1727">3</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 430.5pt; position: var(--position); top: 102.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.79pt;"></span></span><span style="left: 55.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-500" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" scale="3" id="f-1728">7</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 212.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 212.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 216pt; position: var(--position); top: 117.75pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 362.25pt; position: var(--position); top: 117.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.29pt;"></span></span><span style="left: 37.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-501" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1729">2,386</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 430.5pt; position: var(--position); top: 117.75pt; width: 64.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 64.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.29pt;"></span></span><span style="left: 37.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-502" decimals="-3" name="us-gaap:DerivativeGainLossOnDerivativeNet" format="ixt:num-dot-decimal" scale="3" id="f-1730">4,838</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 495.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 507.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.91pt;">Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.89pt;">differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 530.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 541.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.34pt;">equivalent interest rates.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 553.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.5pt;">rate swap.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.97pt;">Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 587.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.16pt;">recognized in interest expense.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">39<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-1670-4" continuedAt="f-1670-5"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.03pt;">Fair Value Hedges<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><ix:continuation id="f-1715-2" continuedAt="f-1715-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 182.68pt;">The following table presents the net gains <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 241.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.91pt;">(losses) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 277.36pt;">on derivatives and the related hedged items in fair value hedging<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-1715-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.41pt;">relationships for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 219.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.68pt;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 395.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 99.75pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 0pt; width: 99.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.37pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.46pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total interest and related expenses presented in the consolidated statement of operations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 21pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 55.54pt;"></span></span><span style="left: 63.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="3" id="f-1731">242,233</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 36pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Gains (losses) on fair value hedging relationships:<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 51pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total gain on derivative instruments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 51pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 65.54pt;"></span></span><span style="left: 73.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ChangeInUnrealizedGainLossOnFairValueHedgingInstruments1" format="ixt:num-dot-decimal" scale="3" id="f-1732">3,164</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 66pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Fair value basis adjustment on hedged items<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 66pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1" format="ixt:num-dot-decimal" scale="3" id="f-1733">3,108</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 81pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Derivative settlements and accruals<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 81pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:GainLossOnSettlementsAndAccrualsOfFairValueHedgingInstruments" scale="3" id="f-1734">818</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Net Gain on Fair Value Hedging Relationships<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: bold; left: 201.39pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 96pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 73.04pt;"></span></span><span style="left: 80.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:GainLossOnFairValueHedgesRecognizedInEarnings" scale="3" id="f-1735">874</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 238pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.96pt;">Included<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 120.46000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 362.03pt;"> within interest and related expenses presented in the consolidated statement of operations.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 261pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 223.37pt;">There were no fair value hedges outstanding during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 281.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 362.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 426.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 290.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 179.28pt;">Valuation and Other Comprehensive Income<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" id="f-1736" continuedAt="f-1736-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 409.51pt;">The following table summarizes the fair value of our derivative financial instruments ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1736-1"><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 325.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 195.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 70.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 195.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 0pt; width: 146.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 146.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.51pt; position: var(--position); white-space: pre;">Fair Value of Derivatives in an Asset<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 146.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 46.44pt; position: var(--position); white-space: pre;"> Position<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 75.97pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 82.03pt; position: var(--position); white-space: pre;"> as of<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 0pt; width: 147pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 147pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.55pt; position: var(--position); white-space: pre;">Fair Value of Derivatives in a Liability <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 147pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 47.82pt; position: var(--position); white-space: pre;">Position<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 75.35pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 81.41pt; position: var(--position); white-space: pre;"> as of<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 21.75pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 21.75pt; width: 70.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.94pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 21.75pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 21.75pt; width: 71.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="9" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 495pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.83pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Derivatives designated as hedging instruments:<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 48.75pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign exchange contracts<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 48.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-503" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1737">1,432</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 48.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-504" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1738">69,433</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 48.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.54pt;"></span></span><span style="left: 41.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-503" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1739">66,805</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 48.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 49.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-504" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1740">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63.75pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Interest rate derivatives<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 63.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 43.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-505" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1741">3,164</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 63.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-506" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1742">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 63.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 56.04pt;"></span></span><span style="left: 58.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-505" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1743">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 63.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 44.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-506" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1744">4,386</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 78.75pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total derivatives designated as hedging <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 12.63pt; position: var(--position); text-decoration: none; white-space: pre;">instruments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 78.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-507" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1745">4,596</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 78.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-508" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1746">69,433</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 78.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.54pt;"></span></span><span style="left: 41.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-507" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1747">66,805</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 78.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 44.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-508" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1748">4,386</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="9" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 105pt; width: 495pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.83pt; width: 495pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Derivatives not designated as hedging instruments:<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 119.25pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign exchange contracts<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 119.25pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 46.04pt;"></span></span><span style="left: 53.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-509" decimals="-3" name="us-gaap:DerivativeAssets" scale="3" id="f-1749">391</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 119.25pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 43.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-510" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1750">3,021</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 119.25pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-509" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1751">1,353</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 119.25pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-510" decimals="-3" name="us-gaap:DerivativeLiabilities" scale="3" id="f-1752">852</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Interest rate derivatives<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 134.25pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 56.04pt;"></span></span><span style="left: 58.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-511" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1753">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 134.25pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-512" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1754">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 134.25pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 56.04pt;"></span></span><span style="left: 58.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-511" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1755">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 134.25pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-512" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1756">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 149.25pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total derivatives not designated as hedging <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 12.63pt; position: var(--position); text-decoration: none; white-space: pre;">instruments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 149.25pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 46.04pt;"></span></span><span style="left: 53.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-513" decimals="-3" name="us-gaap:DerivativeAssets" scale="3" id="f-1757">391</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 149.25pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 43.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-514" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1758">3,021</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 149.25pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-513" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1759">1,353</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 149.25pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.54pt;"></span></span><span style="left: 52.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-514" decimals="-3" name="us-gaap:DerivativeLiabilities" scale="3" id="f-1760">852</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 175.5pt; width: 195.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 195.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total Derivatives<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 198.75pt; position: var(--position); top: 175.5pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.54pt;"></span></span><span style="left: 46.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1761">4,987</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 274.5pt; position: var(--position); top: 175.5pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1762">72,454</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 348pt; position: var(--position); top: 175.5pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 33.54pt;"></span></span><span style="left: 41.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1763">68,158</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 175.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 44.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1764">5,238</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 521pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 233.05pt;">Included in other assets in our consolidated balance sheets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 540.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 249.39pt;">Included in other liabilities in our consolidated balance sheets.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">40<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1670-5"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock" id="f-1765" continuedAt="f-1765-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">The following table presents the effect of our derivative financial instruments on our consolidated statements of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1765-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 223.11pt;">comprehensive income and operations ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 281.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 545.25pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 154.5pt;"></span></span><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 486.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 155.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 137.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 1.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/></tr><tr style="height: 48.75pt;"><td colspan="1" rowspan="3" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 155.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 74.62pt; width: 155.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Derivatives in Hedging Relationships<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 0pt; width: 93pt;"><div><div style="line-height: 8pt; position: var(--position); top: 21.61pt; width: 93pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.31pt; position: var(--position); white-space: pre;">Amount of Gain (Loss) <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 30.8pt; width: 93pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 22.63pt; position: var(--position); white-space: pre;">Recognized in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 39.99pt; width: 93pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.41pt; position: var(--position); white-space: pre;">OCI on Derivatives<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 79.58pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="3" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 0pt; width: 137.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 65.43pt; width: 137.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.12pt; position: var(--position); white-space: pre;">Location of Gain (Loss) Reclassified<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 74.62pt; width: 137.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.68pt; position: var(--position); white-space: pre;">from Accumulated OCI into Income<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 0pt; width: 91.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.36pt; width: 91.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 27.43pt; position: var(--position); white-space: pre;">Amount of<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.55pt; width: 91.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.67pt; position: var(--position); white-space: pre;">Gain (Loss) Reclassified <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 21.74pt; width: 91.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 37.31pt; position: var(--position); white-space: pre;">from<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 30.93pt; width: 91.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.9pt; position: var(--position); white-space: pre;"> Accumulated OCI into <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 40.12pt; width: 91.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 33.09pt; position: var(--position); white-space: pre;">Income<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 48.75pt; width: 93pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 93pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.09pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 93pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 48.75pt; width: 91.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 91.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.34pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 91.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.5pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.5pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.5pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.5pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 155.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 155.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net Investment Hedges<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 83.25pt; width: 137.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 137.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 97.5pt; width: 155.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 155.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); white-space: pre;">Foreign exchange contracts<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 116.9pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 97.5pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 6.39pt;"></span></span><span style="left: 13.52pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax" format="ixt:num-dot-decimal" scale="3" id="f-1766">60,394</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 97.5pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 9.38pt;"></span></span><span style="left: 16.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossBeforeReclassificationAndTax" format="ixt:num-dot-decimal" scale="3" id="f-1767">45,741</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 97.5pt; width: 137.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 137.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 74.94pt; position: var(--position); text-decoration: none; white-space: pre;">Interest Expense<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 97.5pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 25.13pt;"></span></span><span style="left: 32.26pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossReclassificationBeforeTax" format="ixt:fixed-zero" scale="3" id="f-1768">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 97.5pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 25.13pt;"></span></span><span style="left: 32.26pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossNetInvestmentHedgeGainLossReclassificationBeforeTax" format="ixt:fixed-zero" scale="3" id="f-1769">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 111.75pt; width: 155.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 155.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash Flow Hedges<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 111.75pt; width: 137.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 137.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 126pt; width: 155.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 155.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Interest rate derivatives<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 126pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 33.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax" format="ixt:fixed-zero" scale="3" id="f-1770">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 126pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax" scale="3" id="f-1771">832</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 126pt; width: 137.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 137.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 68.88pt; position: var(--position); white-space: pre;">Interest Expense<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 128.56pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 126pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 33.37pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" format="ixt:fixed-zero" scale="3" id="f-1772">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 126pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 28.87pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax" scale="3" id="f-1773">425</ix:nonFraction><span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 140.25pt; width: 155.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 155.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 158.25pt; position: var(--position); top: 140.25pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 6.39pt;"></span></span><span style="left: 13.52pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="bxmt:OtherComprehensiveIncomeLossNetInvestmentHedgeAndCashFlowHedgeGainLossBeforeReclassificationAndTax" format="ixt:num-dot-decimal" scale="3" id="f-1774">60,394</ix:nonFraction>)<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 140.25pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 9.38pt;"></span></span><span style="left: 16.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:OtherComprehensiveIncomeLossNetInvestmentHedgeAndCashFlowHedgeGainLossBeforeReclassificationAndTax" format="ixt:num-dot-decimal" scale="3" id="f-1775">46,573</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 140.25pt; width: 137.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 137.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 140.25pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 25.13pt;"></span></span><span style="left: 32.26pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossReclassificationBeforeTax" format="ixt:fixed-zero" scale="3" id="f-1776">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 441.75pt; position: var(--position); top: 140.25pt; width: 45pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 20.63pt;"></span></span><span style="left: 27.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:OtherComprehensiveIncomeLossCashFlowAndNetInvestmentHedgeGainLossReclassificationBeforeTax" scale="3" id="f-1777">425</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 235.61pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.66pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 133.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.39pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.57pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.72pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 282.84000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.57pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.40999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 324.40999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.29pt;">, we <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.82pt;">received<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 379.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 101.05pt;"> net cash settlements of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 480.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.92pt;">$<ix:nonFraction unitRef="usd" contextRef="c-515" decimals="-5" name="us-gaap:ProceedsFromDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-1778">80.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 18pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 117pt;">paid net cash settlements of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.67pt;">$<ix:nonFraction unitRef="usd" contextRef="c-516" decimals="-5" name="us-gaap:PaymentsForDerivativeInstrumentInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-1779">67.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 257.16999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 296.24pt;"> on our foreign currency forward contracts, respectively. Those amounts<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 439.16pt;">are included as a component of accumulated other comprehensive income on our consolidated balance sheets.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 524.6600000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 280.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 7.22pt;">D<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 92.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;">uring the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.95pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.67000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.35pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.28pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 281.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.37pt;">, we recorded total interest and related expenses of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 493.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.7pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="us-gaap:InterestExpenseOperating" scale="6" id="f-1780">242.2</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.1pt;">which was reduced by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">$<ix:nonFraction unitRef="usd" contextRef="c-517" decimals="-3" name="us-gaap:InterestExpenseOperating" scale="0" id="f-1781">0</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 192.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.88pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.48000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.79pt;">related to income generate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 111.55pt;">d by our cash flow hedges<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 417.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.66pt;">. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.01pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.66pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.58pt;">, we recorded total interest and related expenses of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.39pt;">$<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-5" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="6" id="f-1782">343.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 419.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.78pt;"> which was reduced by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 515.9100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-518" decimals="-3" name="us-gaap:InterestExpenseOperating" format="ixt:num-dot-decimal" scale="0" id="f-1783">425,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.8pt;">related to income generated by our cash flow hedges.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 344.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 175.68pt;">Credit-Risk Related Contingent Features<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 234.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 361.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 373.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 384.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 396.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 350.81pt;">derivative counterparties require that we post collateral to secure net liability positions. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 409.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.52pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 497.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.92pt;">, we were in a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 407.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 387.33pt;">net liability position with our counterparties related to our foreign exchange hedges, and had <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 445.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.94pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:CollateralAlreadyPostedAggregateFairValue" format="ixt:num-dot-decimal" scale="6" id="f-1784">69.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.64pt;"> of collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 419.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.03pt;">posted with <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.99pt;">two<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.88pt;"> counterparties. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.72pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 263.25pt;">, we were in a net asset position with our counterparties related to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 430.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 159.9pt;">our foreign exchange hedges, and had <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.83pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="us-gaap:CollateralAlreadyPostedAggregateFairValue" format="ixt:num-dot-decimal" scale="6" id="f-1785">4.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.12pt;"> of collateral posted with one counterparty related to our interest rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 442.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.04pt;">swap.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="position: absolute; top: 471.61pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_88"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 471.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">15. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" id="f-1786" continuedAt="f-1786-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">EQUITY<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 112.92pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1786-1" continuedAt="f-1786-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 489.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Stock and Stock Equivalents <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 506.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Authorized Capital <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 524.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.96pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.46000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.1pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.71pt;"> we had the authority to issue up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 50pt;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="bxmt:CommonAndPreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1787">500,000,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.3pt;"> shares of stock, consisting of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 50pt;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:CommonStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1788">400,000,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.5699999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.82pt;"> shares of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 535.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 114.77pt;">class A common stock and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 173.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 50pt;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:PreferredStockSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1789">100,000,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 330.14pt;"> shares of preferred stock. Subject to applicable NYSE listing requirements, our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 106.91pt;">preferred stock. We did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;"><ix:nonFraction unitRef="shares" contextRef="c-4" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:fixed-zero" scale="0" id="f-1790"><ix:nonFraction unitRef="shares" contextRef="c-4" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:fixed-zero" scale="0" id="f-1791"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:PreferredStockSharesOutstanding" format="ixt:fixed-zero" scale="0" id="f-1792"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="us-gaap:PreferredStockSharesIssued" format="ixt:fixed-zero" scale="0" id="f-1793">not</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 287.22pt;"> have any shares of preferred stock issued and outstanding as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 465.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.62pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.45pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 137.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.54000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 611.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Share Repurchase Program<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 628.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.3pt;">In July 2024, our board of directors authorized the repurchase of up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.02pt;">$<ix:nonFraction unitRef="usd" contextRef="c-519" decimals="-5" name="srt:StockRepurchaseProgramAuthorizedAmount1" scale="6" id="f-1794">150.0</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 402.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.52pt;"> of our class A common stock. Under<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 640.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 651.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 663.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 674.61pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 686.11pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 282.42pt;">discontinued at any time and does not have a specified expiration date.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">41<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-1786-2" continuedAt="f-1786-3"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.06pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.79pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.12pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 250.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.73pt;">, we repurchased <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:StockRepurchasedDuringPeriodShares" format="ixt:num-dot-decimal" scale="0" id="f-1795">1,792,836</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 192.5pt;"> shares of class A common stock at a weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.03pt;">average price per share of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$<ix:nonFraction unitRef="usdPerShare" contextRef="c-3" decimals="2" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased" scale="0" id="f-1796">17.63</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 195.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.77pt;">, for a total cost of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.52pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="srt:StockRepurchaseProgramAuthorizedAmount1" scale="6" id="f-1797">31.6</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.14pt;"> We did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 367.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:StockRepurchasedDuringPeriodShares" format="ixt:fixed-zero" scale="0" id="f-1798">no</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 377.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 175.34pt;">t have any repurchases of class A common<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.45pt;">stock during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.29pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.02pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.62pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 289.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 37pt;">. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 326.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.62pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 395.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 157.96pt;">, the amount remaining available for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.02pt;">repurchases under the program was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" scale="6" id="f-1799">89.2</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 118pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 197.88pt;">Class A Common Stock and Deferred Stock Units<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 256.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 235.61pt;">the holders of shares of outstanding preferred stock, if any.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 182pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 402.12pt;">We also issue restricted class A common stock under our stock-based incentive plans. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.35pt;">Note 18<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 493.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.46pt;"> for additional<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.82pt;">discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 205pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 184.01pt;">to holders of shares of class A common stock.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 251.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfCommonStockOutstandingRollForwardTableTextBlock" id="f-1800" continuedAt="f-1800-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">The following table details the movement in our outstanding shares of class A common stock, including restricted class A<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1800-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 263pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 159.56pt;">common stock and deferred stock units:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 274.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 348pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 348pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.49pt; width: 348pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 0pt; width: 143.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.67pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 14.25pt; width: 348pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 348pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Common Stock Outstanding<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 99.88pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 14.25pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 14.25pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.62pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 28.5pt; width: 348pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 348pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Beginning balance<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 28.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-4" decimals="INF" name="bxmt:CommonStockSharesOutstandingIncludingDeferredStockUnits" format="ixt:num-dot-decimal" scale="0" id="f-1801">173,204,190</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 28.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-20" decimals="INF" name="bxmt:CommonStockSharesOutstandingIncludingDeferredStockUnits" format="ixt:num-dot-decimal" scale="0" id="f-1802">173,569,397</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 43.5pt; width: 348pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 348pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Issuance of class A common stock<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 4.5825000000000005pt; font-style: normal; font-weight: normal; left: 140.54999999999998pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 43.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" format="ixt:num-dot-decimal" scale="0" id="f-1803">1,080</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 43.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" format="ixt:num-dot-decimal" scale="0" id="f-1804">1,436</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 58.5pt; width: 348pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 348pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Repurchase of class A common stock<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 58.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20.46pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:StockRepurchasedDuringPeriodShares" format="ixt:num-dot-decimal" scale="0" id="f-1805">1,792,836</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 58.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:StockRepurchasedDuringPeriodShares" format="ixt:fixed-zero" scale="0" id="f-1806">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 73.5pt; width: 348pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 348pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Issuance of restricted class A common stock, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 4.5825000000000005pt; font-style: normal; font-weight: normal; left: 197.4pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 73.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" format="ixt:num-dot-decimal" scale="0" id="f-1807">469,464</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 73.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures" format="ixt:num-dot-decimal" scale="0" id="f-1808">370,936</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 88.5pt; width: 348pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 348pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Issuance of deferred stock units<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 88.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="bxmt:StockIssuedDuringPeriodSharesDeferredStockUnits" format="ixt:num-dot-decimal" scale="0" id="f-1809">10,662</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 88.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 39.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="bxmt:StockIssuedDuringPeriodSharesDeferredStockUnits" format="ixt:num-dot-decimal" scale="0" id="f-1810">10,709</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 103.5pt; width: 348pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 348pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Ending balance<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 103.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="bxmt:CommonStockSharesOutstandingIncludingDeferredStockUnits" format="ixt:num-dot-decimal" scale="0" id="f-1811">171,892,560</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 103.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-33" decimals="INF" name="bxmt:CommonStockSharesOutstandingIncludingDeferredStockUnits" format="ixt:num-dot-decimal" scale="0" id="f-1812">173,952,478</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 398pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 408pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.43pt;">Includes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-520" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1813">310,108</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.59pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 174.01999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-521" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1814">370,173</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 206.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.17pt;">,&#160; deferred stock units held by members of our board of directors as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 489.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.74pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 419.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.93pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.75pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 431pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47pt;">Represents <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 273.29pt;">shares issued under our dividend reinvestment program during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.59pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 485.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.17pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.92pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 442.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.93pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.75pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 454pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.31pt;">Net of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" format="ixt:num-dot-decimal" scale="0" id="f-1815">12,408</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.21pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.78pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 161.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited" format="ixt:num-dot-decimal" scale="0" id="f-1816">92,167</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.75pt;"> shares<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 336.87pt;"> of restricted class A common stock forfeited under our stock-based incentive plans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 465.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.3pt;">during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 207.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.43pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.75pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 495pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Dividend Reinvestment and Direct Stock Purchase Plan <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 512.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 524pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 107.71pt;">issuance, in the aggregate, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 166.20999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 45pt;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="bxmt:DividendReinvestmentAndDirectStockPurchasePlanSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1817">10,000,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 342.15pt;"> shares of class A common stock. Under the dividend reinvestment component of this<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 535.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 350.3pt;">our approval, to purchase shares of class A common stock directly from us. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.37pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 487.17pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.56pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 489.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 17pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.84pt;">, we issued <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 142.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesDividendReinvestmentPlan" format="ixt:num-dot-decimal" scale="0" id="f-1818">1,080</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.11pt;"> shares and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" format="ixt:num-dot-decimal" scale="0" id="f-1819">1,436</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 319.03pt;"> shares, respectively, of class A common stock under the dividend reinvestment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 120.75pt;">component of the plan. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 179.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.14pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.12pt;">, a total of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-3" decimals="INF" name="bxmt:DividendReinvestmentAndDirectStockPurchasePlanRemainingSharesAvailableForFutureIssuance" format="ixt:num-dot-decimal" scale="0" id="f-1820">9,968,032</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 327.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 225.86pt;"> shares of class A common stock remained available for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 291.32pt;">issuance under the dividend reinvestment and direct stock purchase plan.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">42<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-1786-3" continuedAt="f-1786-4"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">At the Market Stock Offering Program <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.86pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 65pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.69pt;">, we are party to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.75pt;"><ix:nonFraction unitRef="agreement" contextRef="c-1" decimals="INF" name="bxmt:SaleOfStockNumberOfEquityDistributionAgreements" format="ixt-sec:numwordsen" scale="0" id="f-1821">seven</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 310.69pt;"> equity distribution agreements, or ATM Agreements, pursuant to which we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 246.65pt;">may sell, from time to time, up to an aggregate sales price of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.98pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="bxmt:SaleOfStockMaximumAuthorizedAmount" scale="6" id="f-1822">699.1</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 189.19pt;"> of our class A common stock. Sales of class A<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">deemed to be &#8220;at the market&#8221; offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 366.3pt;">needs, and our determination of the appropriate sources of funding to meet such needs. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.9pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.63pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 140.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.72pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.47pt;"> or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.72pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 199.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.63pt;">, we did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="INF" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" format="ixt:fixed-zero" scale="0" id="f-1823"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="INF" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" format="ixt:fixed-zero" scale="0" id="f-1824">no</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 293.08pt;">t issue any shares of our class A common stock under ATM Agreements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 537.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.57pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 539.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.68pt;"> As<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.25pt;">of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 69.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 134.17000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 280.85pt;">, sales of our class A common stock with an aggregate sales price of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.27pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:SaleOfStockRemainingAuthorizedAmount" scale="6" id="f-1825">480.9</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.03pt;"> remained available<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 163.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.07pt;">for issuance under our ATM Agreements.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; white-space: pre;"><span style="left: 58.5pt; position: var(--position); width: 45.26pt;">Dividends <span style="display: inline-block; height: 6.77pt; width: 26.74pt;"></span></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 222pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 256.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 162.87pt;">as our board of directors deems relevant.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.38pt;">On <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.74pt;">March 14,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 115.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.16pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 138.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 119.66pt;">, we declared a dividend of $<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 258.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-1826">0.47</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.31pt;"> per share, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.51pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="us-gaap:DividendsCommonStock" scale="6" id="f-1827">80.6</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.92pt;"> in aggregate, that was paid on <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 516.6800000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.75pt;">April 15,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.28pt;"> to stockholders of record as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">.&#160;<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 326.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:DividendsDeclaredTableTextBlock" id="f-1828" continuedAt="f-1828-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.59pt;">The following ta<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.21pt;">ble details our dividend activity ($ in thousands, except per share data):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1828-1"><div style="position: var(--position); top: 349.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 351.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 351.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 0pt; width: 143.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.67pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 351.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends declared per share of common stock<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 48.17pt; position: var(--position);"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-1829">0.47</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 48.17pt; position: var(--position);"><ix:nonFraction unitRef="usdPerShare" contextRef="c-13" decimals="2" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="f-1830">0.62</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Class A common stock dividends declared<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 38.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-522" decimals="-3" name="us-gaap:DividendsCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-1831">80,644</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-523" decimals="-3" name="us-gaap:DividendsCommonStock" format="ixt:num-dot-decimal" scale="3" id="f-1832">107,678</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred stock unit dividends declared<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:DividendsShareBasedCompensation" scale="3" id="f-1833">193</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:DividendsShareBasedCompensation" scale="3" id="f-1834">223</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 351.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 351.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total dividends declared<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 351.75pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 38.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-1835">80,837</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:Dividends" format="ixt:num-dot-decimal" scale="3" id="f-1836">107,901</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 458pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">Earnings Per Share <span style="display: inline-block; height: 6.77pt; width: 21.69pt;"></span></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 487pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">shares have the same rights as our other shares of class A common stock, including participating in any dividends, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 510pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 521.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 533pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.98pt;">antidilutive.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">43<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1786-4"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" id="f-1837" continuedAt="f-1837-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 74.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.58pt;"> following table sets forth the c<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 352.8pt;">alculation of basic and diluted net income per share of class A common stock based on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1837-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.31pt;">share data):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 352.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 352.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 0pt; width: 142.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 142.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.29pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Basic Earnings<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 352.5pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 35.1pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.71pt;"></span></span><span style="left: 47.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" sign="-" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="f-1838">357</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 22.21pt;"></span></span><span style="left: 29.84pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" sign="-" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" format="ixt:num-dot-decimal" scale="3" id="f-1839">123,838</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average shares outstanding, basic and diluted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 225.13pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="0" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" format="ixt:num-dot-decimal" scale="0" id="f-1840">172,004,888</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="0" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" format="ixt:num-dot-decimal" scale="0" id="f-1841">174,041,630</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Per share amount, basic and diluted<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.21pt;"></span></span><span style="left: 44.84pt; position: var(--position);">(<ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:EarningsPerShareBasic" scale="0" id="f-1842"><ix:nonFraction unitRef="usdPerShare" contextRef="c-1" decimals="2" name="us-gaap:EarningsPerShareDiluted" scale="0" id="f-1843">0.00</ix:nonFraction></ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.21pt;"></span></span><span style="left: 44.84pt; position: var(--position);">(<ix:nonFraction unitRef="usdPerShare" contextRef="c-13" decimals="2" sign="-" name="us-gaap:EarningsPerShareDiluted" scale="0" id="f-1844"><ix:nonFraction unitRef="usdPerShare" contextRef="c-13" decimals="2" sign="-" name="us-gaap:EarningsPerShareBasic" scale="0" id="f-1845">0.71</ix:nonFraction></ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 185pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 195.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.33pt;">Represents <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 131.82999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.25pt;">net loss<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 162.07999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 190.32pt;"> attributable to Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 206.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.1pt;">For both the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 138.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.41pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.08pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.74pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.83000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.59pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.41999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.74pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 118.03pt;">, our Convertible Notes were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 489.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.08pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="shares" contextRef="c-13" decimals="-5" name="us-gaap:IncrementalCommonSharesAttributableToConversionOfDebtSecurities" format="ixt:fixed-zero" scale="0" id="f-1846"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="-5" name="us-gaap:IncrementalCommonSharesAttributableToConversionOfDebtSecurities" format="ixt:fixed-zero" scale="0" id="f-1847">no</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 502.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.1pt;">t included in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 218.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 293.99pt;">the calculation of diluted earnings per share, as the impact is antidilutive<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 379.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.15pt;">. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.32pt;">Note 13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.42pt;"> for further discussion of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 229.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.85pt;">our convertible notes.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 259.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Other Balance Sheet Items<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 276.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 174.52pt;">Accumulated Other Comprehensive Income<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 233.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 294.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.56pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 160.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 239.07pt;">, total accumulated other comprehensive income was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.41pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" format="ixt:num-dot-decimal" scale="6" id="f-1848">8.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 101.17pt;">, primarily representing<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 305.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.46pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:AociLossCashFlowHedgeCumulativeGainLossAfterTax" format="ixt:num-dot-decimal" scale="6" id="f-1849">211.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.96000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 435.41pt;"> of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 317.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.66pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" sign="-" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" format="ixt:num-dot-decimal" scale="6" id="f-1850">203.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 435.25pt;"> of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 328.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.21pt;">currencies. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 137.70999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.36pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 234.52pt;">, total accumulated other comprehensive income was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.76pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" format="ixt:num-dot-decimal" scale="6" id="f-1851">8.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 508.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.08pt;">, primarily<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 340.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.62pt;">representing <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="us-gaap:AociLossCashFlowHedgeCumulativeGainLossAfterTax" format="ixt:num-dot-decimal" scale="6" id="f-1852">272.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 174.70999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 378.66pt;"> of net realized and unrealized gains related to changes in the fair value of derivative<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 351.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 91.19pt;">instruments offset by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.29pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" sign="-" name="us-gaap:AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax" format="ixt:num-dot-decimal" scale="6" id="f-1853">263.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 343.39pt;"> of cumulative unrealized currency translation adjustments on assets and liabilities<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 363.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 139.27pt;">denominated in foreign currencies.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 392.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.52pt;">Non-Controlling Interests<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 162.01999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 410.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 421.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture&#8217;s consolidated equity and results of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 433.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 444.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.62pt;">Venture. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 120.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 201.18pt;">, our Multifamily Joint Venture&#8217;s total equity was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-524" decimals="-5" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="6" id="f-1854">45.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.75pt;">, of which <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-525" decimals="-5" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="6" id="f-1855">38.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.04pt;"> was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 456.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.11pt;">owned by us, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.26pt;">$<ix:nonFraction unitRef="usd" contextRef="c-526" decimals="-5" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="6" id="f-1856">6.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.01pt;"> was allocated to non-controlling interests. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.36pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 461.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 92.26pt;">, our Multifamily Joint<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 467.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 109.09pt;">Venture&#8217;s total equity was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-527" decimals="-5" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="6" id="f-1857">45.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.83pt;">, of which <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-528" decimals="-5" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="6" id="f-1858">39.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 92.31pt;">was owned by us, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.21pt;">$<ix:nonFraction unitRef="usd" contextRef="c-529" decimals="-5" name="us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" format="ixt:num-dot-decimal" scale="6" id="f-1859">6.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 467.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.25pt;">was allocated to non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 479.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.12pt;">controlling interests.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="position: absolute; top: 508.75pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_94"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 508.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">16. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock" id="f-1860" continuedAt="f-1860-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">OTHER EXPENSES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1860-1" continuedAt="f-1860-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 526.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">Our other expenses consist of the management and incentive fees we pay to our Manager and our general and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 537.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.2pt;">administrative expenses.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 156.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 567.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Management and Incentive Fees <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 584.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 191.5pt;">Pursuant to a management agreement between <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 250pt; position: var(--position); text-decoration: none; white-space: pre; width: 303.47pt;">our Manager and us, or our Management Agreement, our Manager earns a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 596.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 186.02pt;">base management fee in an amount equal to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-1" decimals="4" name="us-gaap:ManagementAndServiceFeesRate" scale="-2" id="f-1861">1.50</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 270.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.04pt;"> per annum multiplied by our Equity, as defined in the Management<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 607.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 430.14pt;">Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="us-gaap:ManagementAndServiceFeesIncentiveRate" scale="-2" id="f-1862">20</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 506.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.51pt;"> and (ii)&#160;the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 619.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">excess of (a)&#160;our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b)&#160;an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 630.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.65pt;">amount equal to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;"><ix:nonFraction unitRef="number" contextRef="c-3" decimals="4" name="bxmt:ManagementFeeCoreEarningsFeePercentage" scale="-2" id="f-1863">7.00</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.98000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 358.04pt;"> per annum multiplied by our Equity, provided that our Core Earnings over the prior <span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-1" name="bxmt:ManagementFeeCoreEarningsMeasurementPeriod" format="ixt-sec:durwordsen" id="f-1864"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 532.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.52pt;">-year<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 642.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.95pt;">period is greater than <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.19pt;"><ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="bxmt:ManagementFeeCoreEarningsMinimumThreshold" format="ixt:fixed-zero" scale="0" id="f-1865">zero</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 388.72pt;">. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 653.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 665.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">excluding (i)&#160;non-cash equity compensation expense, (ii)&#160;depreciation and amortization, (iii)&#160;unrealized gains (losses), (iv)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 676.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 468.01pt;">net income (loss) attributable to our legacy portfolio, (v)&#160;certain non-cash items, and (vi)&#160;incentive management fees.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 700.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.4pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 105.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.13pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.44pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.46pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 254.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.31pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.76pt;">, we incurred <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 354pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.79pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-5" name="us-gaap:ManagementFeeExpense" format="ixt:num-dot-decimal" scale="6" id="f-1866">17.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.87pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 426.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.44pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.79pt;">$<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-5" name="us-gaap:ManagementFeeExpense" format="ixt:num-dot-decimal" scale="6" id="f-1867">18.9</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.46pt;">, respectively, of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 711.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 174.14pt;">management fees payable to our Manager. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.14pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 278.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.87pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 357.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.81pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.2pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.05pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 444.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.35pt;">, we did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;"><ix:nonFraction unitRef="usd" contextRef="c-530" decimals="-5" name="us-gaap:IncentiveFeeExpense" format="ixt:fixed-zero" scale="6" id="f-1868"><ix:nonFraction unitRef="usd" contextRef="c-531" decimals="-5" name="us-gaap:IncentiveFeeExpense" format="ixt:fixed-zero" scale="6" id="f-1869">not</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.8299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.58pt;"> incur any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 723.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 155.35pt;">incentive fees payable to our Manager.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">44<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1860-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.92pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.06pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.48000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.91pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.02pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 250.14pt;">, we had accrued management fees payable to our Manager of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.74pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 499.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.09pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:AccruedManagementAndIncentiveFeesPayable" format="ixt:num-dot-decimal" scale="6" id="f-1870">17.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.93pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 75.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$<ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-5" name="bxmt:AccruedManagementAndIncentiveFeesPayable" format="ixt:num-dot-decimal" scale="6" id="f-1871">18.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.75pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 95pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">General and Administrative Expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfOtherOperatingCostAndExpenseByComponentTextBlock" id="f-1872" continuedAt="f-1872-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.01pt;">General and admin<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 134.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 246.98pt;">istrative expenses consisted of the following ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1872-1"><div style="position: var(--position); top: 124pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 352.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 352.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 0pt; width: 142.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 142.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.29pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 352.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Professional services<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ProfessionalFees" format="ixt:num-dot-decimal" scale="3" id="f-1873">3,911</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ProfessionalFees" format="ixt:num-dot-decimal" scale="3" id="f-1874">4,140</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Operating and other costs<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:OtherGeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-1875">1,788</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:OtherGeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-1876">1,476</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Subtotal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 53.3pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense" format="ixt:num-dot-decimal" scale="3" id="f-1877">5,699</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense" format="ixt:num-dot-decimal" scale="3" id="f-1878">5,616</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Non-cash compensation expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 85.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Restricted class A common stock earned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 85.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:RestrictedStockExpense" format="ixt:num-dot-decimal" scale="3" id="f-1879">6,792</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 85.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:RestrictedStockExpense" format="ixt:num-dot-decimal" scale="3" id="f-1880">7,911</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 100.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Director stock-based compensation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 100.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="bxmt:DirectorShareBasedPaymentArrangementExpense" scale="3" id="f-1881">173</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 100.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="bxmt:DirectorShareBasedPaymentArrangementExpense" scale="3" id="f-1882">201</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 115.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 115.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:ShareBasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-1883">6,965</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 115.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:ShareBasedCompensation" format="ixt:num-dot-decimal" scale="3" id="f-1884">8,112</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 130.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Total general and administrative expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 130.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 38.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:GeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-1885">12,664</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 130.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 38.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-3" name="us-gaap:GeneralAndAdministrativeExpense" format="ixt:num-dot-decimal" scale="3" id="f-1886">13,728</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 274.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 284.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.02pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 134.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.75pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.25pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.08pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.93pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 310.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 330.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 127.47pt;">, we recognized an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 458pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-532" decimals="-3" name="bxmt:GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense" format="ixt:num-dot-decimal" scale="0" id="f-1887">87,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 490.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.93pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-533" decimals="-3" name="bxmt:GeneralAndAdministrativeExpenseExcludingNonCashCompensationExpense" format="ixt:num-dot-decimal" scale="0" id="f-1888">223,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.9300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 296pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 265.79pt;">respectively, of expenses related to our Multifamily Joint Venture.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></ix:continuation><div style="position: absolute; top: 325.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_97"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 325.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">17. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:IncomeTaxDisclosureTextBlock" id="f-1889" continuedAt="f-1889-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">INCOME TAXES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1889-1" continuedAt="f-1889-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 354.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 366pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 377.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 389pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 400.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 412pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.51pt;">tax laws.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 435.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 447pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 458.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.78pt;">the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 470pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 481.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.8pt;">as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 493pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 504.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.91pt;">taxable years.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.94pt;"> As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.43pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.93pt;">, we were in compliance with all REIT requirements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.8299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 528pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 539.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 551pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 562.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 574pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 585.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 597pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 451.84pt;">UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 510.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 620.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.54pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.03999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.27pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.51pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.6pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.45pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 201.1pt;">, we recorded a current income tax provision of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 497.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-1" decimals="-3" name="us-gaap:IncomeTaxExpenseBenefit" format="ixt:num-dot-decimal" scale="0" id="f-1890">718,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.94pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 632pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.4pt;">$<ix:nonFraction unitRef="usd" contextRef="c-13" decimals="-5" name="us-gaap:IncomeTaxExpenseBenefit" format="ixt:num-dot-decimal" scale="6" id="f-1891">1.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 309.54pt;">, respectively, primarily related to activities of our U.S. and foreign taxable <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 417.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.17pt;">subsidiaries<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.77pt;"> and various state and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 643.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">local taxes. We did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 137.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;">not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 189.19pt;"> have any deferred tax assets or liabilities as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 339.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 403.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.33pt;"> or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 416.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 494.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 497.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 667pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 678.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 235.43pt;">current or future periods. As a result of our issuance of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 45pt;"><ix:nonFraction unitRef="shares" contextRef="c-534" decimals="INF" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" format="ixt:num-dot-decimal" scale="0" id="f-1892">25,875,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 338.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 198.51pt;"> shares of class A common stock in May 2013,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 537.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 541.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.2pt;">the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 690pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 191.27pt;">availability of our NOLs is generally limited to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.9pt;">$<ix:nonFraction unitRef="usd" contextRef="c-535" decimals="-5" name="bxmt:OperatingLossCarryforwardsLimitationsOnUseAnnualLimitation" format="ixt:num-dot-decimal" scale="6" id="f-1893">2.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 298.66999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.06pt;"> per annum<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.67pt;"> by change of control provisions promulgated by the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 701.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 392.24pt;">Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.3pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 517.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.3pt;">, we had<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 713pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.76pt;">estimated NOLs of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 137.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.93pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="us-gaap:OperatingLossCarryforwards" format="ixt:num-dot-decimal" scale="6" id="f-1894">159.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.58pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 73.55pt;">that will expire in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 272.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2029<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 261.18pt;">, unless they are utilized by us prior to expiration. Previously, we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 724.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">45<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1889-2" continuedAt="f-1889-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 237.7pt;">a material impact on our consolidated financial statements. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 257.16pt;">We have recorded a full valuation allowance against such NOLs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 190.58pt;">as it is probable that they will expire unutilized.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><ix:continuation id="f-1889-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.44pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.78pt;">, tax years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2021<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.1pt;"> through <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 245.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.79pt;">remain subject to examination by taxing authorities.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 476.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 130pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_103"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 130pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">18. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="f-1895" continuedAt="f-1895-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">STOCK-BASED INCENTIVE PLANS <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1895-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 412.63pt;">We are externally managed by our Manager and do not currently have any employees. However, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 471.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.78pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.9100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.43pt;">, our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 159pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 170.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 283.34pt;">compensated, in part, through our issuance of stock-based instruments.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 194pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.59pt;">Under our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.99pt;"><ix:nonFraction unitRef="plan" contextRef="c-3" decimals="INF" name="bxmt:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfStockIncentivePlans" format="ixt-sec:numwordsen" scale="0" id="f-1896">two</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 183.96pt;"> current stock incentive plans, a maximum of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.03999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 45pt;"><ix:nonFraction unitRef="shares" contextRef="c-536" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" format="ixt:num-dot-decimal" scale="0" id="f-1897">10,400,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 346.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.33pt;"> shares of our class A common stock may be issued<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 205.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 406.04pt;">to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.82pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.08pt;">, there<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 217pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.91pt;">were <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 80.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-536" decimals="0" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" format="ixt:num-dot-decimal" scale="0" id="f-1898">5,999,544</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 120.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 226.66pt;"> shares available under our current stock incentive plans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 240.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock" id="f-1899" continuedAt="f-1899-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1899-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 252pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 155.31pt;">average grant date fair value per share:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 263.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 352.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 32.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 352.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.49pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.3pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.35pt; position: var(--position); white-space: pre;">Restricted Class A<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.49pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.56pt; position: var(--position); white-space: pre;"> Common Stock<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 62.18pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.9pt; position: var(--position); white-space: pre;">Weighted-Average<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.12pt; position: var(--position); white-space: pre;"> Grant Date Fair<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.9pt; position: var(--position); white-space: pre;"> Value Per Share<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 32.25pt; width: 352.5pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Balance as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.93pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 32.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-537" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1900">2,142,759</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 32.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usdPerShare" contextRef="c-537" decimals="2" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="f-1901">21.13</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 47.25pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Granted<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 47.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-538" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" format="ixt:num-dot-decimal" scale="0" id="f-1902">481,872</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 47.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usdPerShare" contextRef="c-538" decimals="2" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" scale="0" id="f-1903">17.77</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 62.25pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Vested<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 62.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="shares" contextRef="c-538" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" format="ixt:num-dot-decimal" scale="0" id="f-1904">216,496</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 62.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usdPerShare" contextRef="c-538" decimals="2" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" scale="0" id="f-1905">22.62</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 77.25pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Forfeited<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 77.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.96pt; position: var(--position); text-decoration: none; white-space: pre;">(<ix:nonFraction unitRef="shares" contextRef="c-538" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" format="ixt:num-dot-decimal" scale="0" id="f-1906">12,408</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 77.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 44.62pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="usdPerShare" contextRef="c-538" decimals="2" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" scale="0" id="f-1907">19.21</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 92.25pt; width: 352.5pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Balance as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.93pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 92.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonFraction unitRef="shares" contextRef="c-539" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1908">2,395,727</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 92.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usdPerShare" contextRef="c-539" decimals="2" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="f-1909">20.33</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 387.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 253.75pt;">These shares generally vest in installments over a period of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 45pt;"><ix:nonNumeric contextRef="c-538" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-1910">three years</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 357.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 196.18pt;">, pursuant to the terms of the respective award<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 399.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 264.4pt;">agreements and the terms of our current benefit plans. The <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-539" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1911">2,395,727</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 362.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 190.45pt;"> shares of restricted class A common stock<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 410.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.93pt;">outstanding as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.44pt;"> will vest as follows: <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 278.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-540" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1912">1,093,893</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.11pt;"> shares will vest in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 395.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.32pt;">; <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-541" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1913">870,242</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 453.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.11pt;"> shares will vest in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.5899999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2026<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.5899999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;">;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 422.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.97pt;">and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-542" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-1914">431,592</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 108.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.06pt;"> shares will vest in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 191.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2027<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.54pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.52pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 309.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 244.21pt;">, total unrecognized compensation cost relating to unvested<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 433.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 182.6pt;">share-based compensation arrangements was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 241.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 54pt;">$<ix:nonFraction unitRef="usd" contextRef="c-539" decimals="-5" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" format="ixt:num-dot-decimal" scale="6" id="f-1915">44.8</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 295.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 258.32pt;"> based on the grant date fair value of shares granted. This cost is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 445.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 246.06pt;">expected to be recognized over a weighted-average period of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.5pt;"><ix:nonNumeric contextRef="c-538" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" format="ixt-sec:duryear" id="f-1916">1.1</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 317.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.58pt;"> years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.43pt;"> from <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 365.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 428.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="position: absolute; top: 474.75pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_106"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 474.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">19. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueDisclosuresTextBlock" id="f-1917" continuedAt="f-1917-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">FAIR VALUES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1917-1" continuedAt="f-1917-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 492.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Assets and Liabilities Measured at Fair Value<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.75pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" id="f-1918" continuedAt="f-1918-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 468.88pt;">The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1918-1"><div style="font-size: 12pt; line-height: 12pt; position: var(--position); top: 521.25pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 535.05pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 108.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 108.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 108.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="7" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 108.75pt; position: var(--position); top: 0pt; width: 191.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 191.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 69.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="7" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 303.75pt; position: var(--position); top: 0pt; width: 191.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 191.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 63.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 108.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 108.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 108.75pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.17pt; position: var(--position); text-decoration: none; white-space: pre;">Level 1<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.17pt; position: var(--position); text-decoration: none; white-space: pre;">Level 2<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.17pt; position: var(--position); text-decoration: none; white-space: pre;">Level 3<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 255pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.39pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 303.75pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.17pt; position: var(--position); text-decoration: none; white-space: pre;">Level 1<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.17pt; position: var(--position); text-decoration: none; white-space: pre;">Level 2<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 401.25pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.17pt; position: var(--position); text-decoration: none; white-space: pre;">Level 3<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.39pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 108.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 108.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 108.75pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 255pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 303.75pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 401.25pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 25.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 108.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 108.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Derivatives<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 108.75pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-543" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1919">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 10.79pt;"></span></span><span style="left: 18.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-544" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1920">4,987</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-545" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1921">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 255pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 10.79pt;"></span></span><span style="left: 18.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1922">4,987</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 303.75pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-546" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1923">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 5.79pt;"></span></span><span style="left: 13.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-547" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1924">72,454</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 401.25pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-548" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:fixed-zero" scale="3" id="f-1925">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 40.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 5.79pt;"></span></span><span style="left: 13.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DerivativeAssets" format="ixt:num-dot-decimal" scale="3" id="f-1926">72,454</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 108.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 108.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 108.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 108.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Derivatives<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 108.75pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-543" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1927">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 157.5pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 5.79pt;"></span></span><span style="left: 13.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-544" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1928">68,158</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-545" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1929">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 255pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 5.79pt;"></span></span><span style="left: 13.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1930">68,158</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 303.75pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-546" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1931">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 10.79pt;"></span></span><span style="left: 18.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-547" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1932">5,238</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 401.25pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.29pt;"></span></span><span style="left: 30.919999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-548" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:fixed-zero" scale="3" id="f-1933">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 10.79pt;"></span></span><span style="left: 18.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:DerivativeLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-1934">5,238</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 637.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.95pt;">Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 93.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.92pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 120.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 227.52pt;"> for further discussion regarding fair value measurement.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 667.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 153.77pt;">Fair Value of Financial Instruments<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 212.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 684.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.83pt;">As discussed in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 126.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.97pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 399.08pt;">, GAAP requires disclosure of fair value information about financial instruments, whether or not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 696.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 439.9pt;">recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 498.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">46<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1917-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:FairValueByBalanceSheetGroupingTextBlock" id="f-1935" continuedAt="f-1935-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 456.24pt;">The following table details the book value, face amount, and fair value of the financial instruments described in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.36pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 542.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.27pt;"> ($<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1935-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.35pt;">in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 89pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 147.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 147.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 0pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 59.33pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 0pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 53.56pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 147.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 12.75pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.49pt; position: var(--position); white-space: pre;">Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.38pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 12.75pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.38pt; position: var(--position); white-space: pre;">Face<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.39pt; position: var(--position); white-space: pre;"> Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 12.75pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.05pt; position: var(--position); white-space: pre;">Fair<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.38pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 12.75pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.49pt; position: var(--position); white-space: pre;">Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.38pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 12.75pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.38pt; position: var(--position); white-space: pre;">Face<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.39pt; position: var(--position); white-space: pre;"> Amount<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 12.75pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.05pt; position: var(--position); white-space: pre;">Fair<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.38pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Financial assets<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 34.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 34.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 34.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 34.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 34.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 34.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 48.75pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Cash and cash equivalents<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 48.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 14.63pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-1936">668,563</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 48.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 14.63pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-1937">668,563</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 48.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 14.63pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1938">668,563</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 48.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 14.63pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-1939">323,483</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 48.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 14.63pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="3" id="f-1940">323,483</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 48.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 14.63pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:CashAndCashEquivalentsFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1941">323,483</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 63pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1942">18,308,171</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 63pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-1943">19,217,768</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 63pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LoansReceivableFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1944">18,307,872</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 63pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1945">18,313,582</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 63pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossFeeAndLoanInProcess" format="ixt:num-dot-decimal" scale="3" id="f-1946">19,203,126</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 63pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="us-gaap:LoansReceivableFairValueDisclosure" format="ixt:num-dot-decimal" scale="3" id="f-1947">18,288,958</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 77.25pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Financial liabilities<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 91.5pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Secured debt, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 91.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1948">10,000,027</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 91.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 7.88pt;"></span></span><span style="left: 10.51pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1949">10,011,541</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 91.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1950">9,907,858</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 91.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-6" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1951">9,696,334</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 91.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-6" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1952">9,705,529</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 91.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-6" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1953">9,590,400</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 105.75pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Securitized debt obligations, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 105.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1954">2,559,896</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 105.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1955">2,569,979</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 105.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1956">2,528,813</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 105.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1957">1,936,956</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 105.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1958">1,936,967</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 105.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-8" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1959">1,838,089</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 120pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Asset-specific debt, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 120pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1960">492,235</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 120pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1961">494,081</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 120pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1962">484,126</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 120pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1963">1,224,841</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 120pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1964">1,228,110</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 120pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-10" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1965">1,218,639</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Loan participations sold, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 134.25pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 4.57pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilitiesAmount" format="ixt:num-dot-decimal" scale="3" id="f-1966">101,672</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 134.25pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 4.57pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1967">101,672</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 134.25pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 4.57pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilitiesFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1968">101,672</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 134.25pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilitiesAmount" format="ixt:num-dot-decimal" scale="3" id="f-1969">100,064</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 134.25pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" format="ixt:num-dot-decimal" scale="3" id="f-1970">100,064</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 134.25pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 23.63pt;"></span></span><span style="left: 26.259999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-4" decimals="-3" name="bxmt:LoanParticipationsSoldLiabilitiesFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1971">99,822</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 148.5pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Secured term loans, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 148.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1972">1,730,565</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 148.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1973">1,760,748</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 148.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1974">1,751,330</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 148.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1975">1,732,073</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 148.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1976">1,764,437</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 148.5pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 12.38pt;"></span></span><span style="left: 15.010000000000002pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-460" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1977">1,765,668</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 162.75pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Senior secured notes, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 162.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1978">779,187</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 162.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1979">785,316</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 162.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1980">780,725</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 162.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1981">771,035</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 162.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1982">785,316</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 162.75pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-465" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1983">780,931</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 177pt; width: 147.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 18pt; position: var(--position); text-decoration: none; white-space: pre;">Convertible notes, net<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 177pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1984">263,898</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 206.25pt; position: var(--position); top: 177pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1985">266,157</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 264.75pt; position: var(--position); top: 177pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1986">260,166</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 323.25pt; position: var(--position); top: 177pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-1987">263,616</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 381.75pt; position: var(--position); top: 177pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-1988">266,157</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 177pt; width: 54.75pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 19.13pt;"></span></span><span style="left: 21.759999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-468" decimals="-3" name="us-gaap:LongTermDebtFairValue" format="ixt:num-dot-decimal" scale="3" id="f-1989">257,707</ix:nonFraction><span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 339.18pt;">significant estimates are measured using unobservable inputs, or Level 3 inputs. See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 397.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.93pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.82pt;"> for further discussion regarding<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 245.76pt;">fair value measurement of certain of our assets and liabilities.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="position: absolute; top: 372.75pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_109"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 372.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">20. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:VariableInterestEntityDisclosureTextBlock" id="f-1990" continuedAt="f-1990-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">VARIABLE INTEREST ENTITIES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1990-1" continuedAt="f-1990-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 390.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 401.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 413.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 424.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 274.49pt;">absorb losses of the CLOs through the subordinate interests we own.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 332.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 448.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.89pt;">During 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 109.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.93pt;">, we modified <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.99pt;"><ix:nonFraction unitRef="loan" contextRef="c-74" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoansModified" format="ixt-sec:numwordsen" scale="0" id="f-1991">two</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.77pt;"> loa<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.46pt;">ns <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 179.1pt;">that included, among other changes, an equit<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 165.79pt;">y interest in and/or control over decision-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 459.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.86pt;">making at the property.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 320.26pt;"> As a result of the modification, our investments in these loans are VIEs. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 536.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.86pt;">, we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 471.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.8pt;">are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 482.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">power to direct the activities that most significantly affect the property, and (ii) have the right to receive excess sale<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 494.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.98pt;">proceeds upon exit.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">47<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-1990-2" continuedAt="f-1990-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfVariableInterestEntitiesTextBlock" id="f-1992" continuedAt="f-1992-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 376.79pt;">The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 435.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-1992-1"><div style="font-size: 12pt; line-height: 12pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 79.3pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 336.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 81pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 73.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 336.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 0pt; width: 81pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 0pt; width: 73.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.44pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash and cash equivalents<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 27.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.79pt;"></span></span><span style="left: 49.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" format="ixt:num-dot-decimal" scale="3" id="f-1993">13,804</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 27.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.29pt;"></span></span><span style="left: 46.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" format="ixt:num-dot-decimal" scale="3" id="f-1994">9,145</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 42.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1995">3,208,455</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 42.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestBeforeAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1996">2,338,201</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Current expected credit loss reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 57.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.46pt;"></span></span><span style="left: 41.09pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-1997">162,258</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 57.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.96pt;"></span></span><span style="left: 33.59pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:FinancingReceivableAllowanceForCreditLossExcludingAccruedInterest" format="ixt:num-dot-decimal" scale="3" id="f-1998">202,400</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 72.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-1999">3,046,197</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 72.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLoss" format="ixt:num-dot-decimal" scale="3" id="f-2000">2,135,801</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Real estate owned, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 87.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 41.79pt;"></span></span><span style="left: 44.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-2001">212,011</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 87.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:RealEstateAcquiredThroughForeclosure" format="ixt:num-dot-decimal" scale="3" id="f-2002">177,322</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 102.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 46.79pt;"></span></span><span style="left: 49.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:OtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-2003">79,409</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 102.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:OtherAssets" format="ixt:num-dot-decimal" scale="3" id="f-2004">126,518</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 117.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-2005">3,351,421</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 117.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:Assets" format="ixt:num-dot-decimal" scale="3" id="f-2006">2,448,786</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Securitized debt obligations, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 147.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-549" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-2007">2,559,896</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 147.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-550" decimals="-3" name="us-gaap:LongTermDebt" format="ixt:num-dot-decimal" scale="3" id="f-2008">1,936,956</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 162.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 162.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 46.79pt;"></span></span><span style="left: 49.42pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:OtherLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-2009">15,598</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 162.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 39.29pt;"></span></span><span style="left: 41.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:OtherLiabilities" format="ixt:num-dot-decimal" scale="3" id="f-2010">13,277</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 177.75pt; width: 336.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336.75pt; position: var(--position); top: 177.75pt; width: 81pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-11" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-2011">2,575,494</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 421.5pt; position: var(--position); top: 177.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-12" decimals="-3" name="us-gaap:Liabilities" format="ixt:num-dot-decimal" scale="3" id="f-2012">1,950,233</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 289.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 300.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 312.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 323.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">it does not affect our stockholders&#8217; equity or net income. We are not obligated to provide, have not provided, and do not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 335.05pt; width: 612pt;"><ix:continuation id="f-1990-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.21pt;">intend to provide material financial support to these consolidated VIEs.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 343.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 2pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 364.55pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_549755815208"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 364.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 15pt;">21. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="f-2013" continuedAt="f-2013-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 206.85pt;">TRANSACTIONS WITH RELATED PARTIES<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 280.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2013-1" continuedAt="f-2013-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 388.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.11pt;">Our Manager<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 405.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">We are managed by our Manager pursuant to the Management Agreement. The current term of the Management<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 417.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.22pt;">Agreement expires on December&#160;19, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.68pt;">, and will be automatically renewed for a <span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-551" name="bxmt:RelatedPartyTransactionRenewalTerm" format="ixt-sec:durwordsen" id="f-2014"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 396.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.52pt;">-year<span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 431.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.11pt;"> term upon such date and each<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 428.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 190.53pt;">anniversary thereafter unless earlier terminated.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.84pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.98pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.94pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 250.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.93pt;">, our consolidated balance sheet included <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.55pt;">$<ix:nonFraction unitRef="usd" contextRef="c-552" decimals="-5" name="us-gaap:ManagementFeePayable" scale="6" id="f-2015">17.2</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 475.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.55pt;">$<ix:nonFraction unitRef="usd" contextRef="c-553" decimals="-5" name="us-gaap:ManagementFeePayable" scale="6" id="f-2016">18.5</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 463.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 276.13pt;">respectively, of accrued management fees payable to our Manager.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 334.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.29pt;"> During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 385.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.43pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 466.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.59pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 469.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.76pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.74pt;">, we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.92pt;">paid our Manager management fees of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 219.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-551" decimals="-5" name="us-gaap:PaymentForManagementFee" scale="6" id="f-2017">18.5</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.38pt;">, compared to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-554" decimals="-5" name="us-gaap:PaymentForManagementFee" scale="6" id="f-2018">26.3</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 165.41pt;"> of aggregate management and incentive<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 486.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.22pt;">fees during the same period of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.92pt;">. In addition, during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.07pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 382.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.91pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 385.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.4pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 103.48pt;">, we incurred expenses of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-551" decimals="-3" name="us-gaap:ProfessionalAndContractServicesExpense" format="ixt:num-dot-decimal" scale="0" id="f-2019">264,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 96pt; position: var(--position); text-decoration: none; white-space: pre; width: 384.62pt;"> that were paid by our Manager and have been or will be reimbursed by us compared to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 480.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-554" decimals="-3" name="us-gaap:ProfessionalAndContractServicesExpense" format="ixt:num-dot-decimal" scale="0" id="f-2020">221,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.29pt;"> of such<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 143.75pt;">expenses during the same period of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 533.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.7pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.84pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.06pt;">, our Manager held <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-555" decimals="0" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-2021">1,211,048</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 279.37pt;"> shares of unvested restricted class A common stock, which had an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 544.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 146.62pt;">aggregate grant date fair value of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.82pt;">$<ix:nonFraction unitRef="usd" contextRef="c-556" decimals="-5" name="bxmt:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedFairValue" format="ixt:num-dot-decimal" scale="6" id="f-2022">25.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 260.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.49pt;">. These shares vest in installments over <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.51pt;"><ix:nonNumeric contextRef="c-556" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-2023">three years</ix:nonNumeric><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.47pt;"> from the date of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 556.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.77pt;">issuance. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.19pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.97pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.52pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.37pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 222.11pt;">, we recorded non-cash expenses related to shares held<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 567.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.81pt;">by our Manager of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.01pt;">$<ix:nonFraction unitRef="usd" contextRef="c-556" decimals="-5" name="us-gaap:ShareBasedCompensation" format="ixt:num-dot-decimal" scale="6" id="f-2024">3.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.75pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.01pt;">$<ix:nonFraction unitRef="usd" contextRef="c-557" decimals="-5" name="us-gaap:ShareBasedCompensation" format="ixt:num-dot-decimal" scale="6" id="f-2025">4.3</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 254.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.84pt;">, respectively. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.08pt;">Note 18<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 380pt; position: var(--position); text-decoration: none; white-space: pre; width: 173.3pt;"> for further details on our restricted class A<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 579.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.06pt;">common stock.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 119.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 602.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.14pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.28pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.92000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 405.46pt;">, our Manager, its affiliates (including Blackstone), Blackstone employees, and our directors held an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 614.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.33pt;">aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 45pt;"><ix:nonFraction unitRef="shares" contextRef="c-558" decimals="INF" name="us-gaap:CommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-2026">13,593,458</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.82999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.33pt;"> shares, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 192.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><ix:nonFraction unitRef="number" contextRef="c-558" decimals="3" name="bxmt:CommonStockSharesOutstandingPercentage" scale="-2" id="f-2027">7.9</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 173.69pt;">, of our class A common stock, of which <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 386.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;"><ix:nonFraction unitRef="shares" contextRef="c-559" decimals="INF" name="us-gaap:CommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-2028">8,234,581</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 426.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.33pt;"> shares, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><ix:nonFraction unitRef="number" contextRef="c-559" decimals="3" name="bxmt:CommonStockSharesOutstandingPercentage" scale="-2" id="f-2029">4.8</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 493.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.64pt;">, were held by<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 625.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 127.08pt;">Blackstone and its subsidiaries<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.57999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 140.43pt;">. Additionally, our directors held <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 326.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;"><ix:nonFraction unitRef="shares" contextRef="c-560" decimals="INF" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" format="ixt:num-dot-decimal" scale="0" id="f-2030">310,108</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 358.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.01pt;"> of deferred stock units as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.36pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 637.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">Certain of the parties listed above have in the past purchased or sold shares of our class A common stock in open market<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 648.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">transactions, and such parties may in the future purchase or sell additional shares of our class A common stock. Any such<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 660.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 671.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 94.87pt;">relevant to such parties.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 153.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">48<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-2013-2" continuedAt="f-2013-3"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 72.39pt;">Affiliate Services<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide management,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 175.04pt;">operational and corporate support services. <span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock" id="f-2031" continuedAt="f-2031-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 304.34pt;"> following table details the costs incurred (refunded) for these services ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2031-1" continuedAt="f-2031-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 118pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 289.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 0pt; width: 142.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 142.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.29pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 289.5pt; position: var(--position); top: 12.75pt; width: 60pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.79pt; position: var(--position); text-decoration: none; white-space: pre;">Asset Class<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 24.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 289.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.17pt; width: 289.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Revantage Corporate Services, LLC and Revantage Global Services <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 14.17pt; width: 289.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Europe S.&#224; r.l.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 60.080000000000005pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 289.5pt; position: var(--position); top: 25.5pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 14.17pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.9pt; position: var(--position); white-space: pre;">n/a<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 14.17pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 44.71pt;"></span></span><span style="left: 52.34pt; position: var(--position);">(<ix:nonFraction unitRef="usd" contextRef="c-561" decimals="-3" sign="-" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2032">38</ix:nonFraction>)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 14.17pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-562" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2033">251</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 50.25pt; width: 289.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 289.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">EQ Management, LLC<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 94.46pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 289.5pt; position: var(--position); top: 50.25pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.24pt; position: var(--position); white-space: pre;">Office<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 50.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-563" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2034">575</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 50.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Arial', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 7.28pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-564" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" format="ixt:fixed-zero" scale="3" id="f-2035">&#8212;</ix:nonFraction><span style="display: inline-block; height: 7.28pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 65.25pt; width: 289.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 289.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">LivCor, LLC<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 55.35pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 289.5pt; position: var(--position); top: 65.25pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.86pt; position: var(--position); white-space: pre;">Multifamily<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 65.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-565" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2036">159</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 65.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-566" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" format="ixt:fixed-zero" scale="3" id="f-2037">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 80.25pt; width: 289.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 289.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">BRE Hotels &amp; Resorts, LLC<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 117.22999999999999pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 289.5pt; position: var(--position); top: 80.25pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 7.8pt; position: var(--position); white-space: pre;">Hospitality<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 80.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-567" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2038">489</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 80.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Arial', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 7.28pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-568" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" format="ixt:fixed-zero" scale="3" id="f-2039">&#8212;</ix:nonFraction><span style="display: inline-block; height: 7.28pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 95.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-569" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" format="ixt:num-dot-decimal" scale="3" id="f-2040">1,185</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 95.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-570" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2041">251</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 233.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 345.37pt;">As applicable, provides management, operational, and corporate support services <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.55pt;">to certain of our investments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 33pt;">directly.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">As applicable, provides management, operational, and corporate support services to certain of our REO assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 280pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 33pt;">directly.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">49<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><ix:continuation id="f-2013-3" continuedAt="f-2013-4"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.41pt;">We have engaged affiliates of our Manager to provide various services noted below. <span style="display: inline-block; height: 6.93pt;"></span></span><ix:continuation id="f-2031-2" continuedAt="f-2031-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 147.53pt;">The following table details the costs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation></div><ix:continuation id="f-2031-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 174.82pt;">incurred for these services ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 95pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 352.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 0pt; width: 142.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 142.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.29pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.87pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">BTIG, LLC<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 49.800000000000004pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-571" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" format="ixt:fixed-zero" scale="3" id="f-2042">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-572" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2043">40</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Gryphon Mutual Property Americas IC<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 159.72pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-573" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2044">547</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-574" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" format="ixt:fixed-zero" scale="3" id="f-2045">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 352.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Blackstone Internal audit services<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-575" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2046">111</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-576" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2047">24</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 352.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 352.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.04pt;"></span></span><span style="left: 50.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-577" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2048">658</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-578" decimals="-3" name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" scale="3" id="f-2049">64</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 185.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 197.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.95pt;">Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 209.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 345.83pt;">as a broker for repurchases of our Senior Secured Notes and Convertible Notes. D<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 431.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.04pt;">uring the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.99pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 220.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.56pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.97pt;">, there was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="usd" contextRef="c-571" decimals="-3" name="us-gaap:ExtinguishmentOfDebtAmount" format="ixt:fixed-zero" scale="0" id="f-2050">no</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 207.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 131.18pt;"> repurchase activity. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 338.21000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.23pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 417.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.99pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.56pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.4pt;">, we repurchased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 232.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.41pt;">$<ix:nonFraction unitRef="usd" contextRef="c-579" decimals="-5" name="us-gaap:ExtinguishmentOfDebtAmount" format="ixt:num-dot-decimal" scale="6" id="f-2051">26.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.84pt;"> of our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 140.44pt;">October 2021 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.23pt;"> utilizing BTIG as a broker.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 129.04pt;"> Additionally, we have engaged<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 243.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.81pt;">BTIG as a sales agent to sell shares of our class A common stock under one of our ATM Agreements. During the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 255.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.59pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.67pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 172.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.92pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 240.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.77pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 264.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 284.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 268.94pt;">, we did not sell any shares under our ATM Agreements. Our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 266.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 394.25pt;">engagements of BTIG are on terms equivalent to those of third parties under similar arrangements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 479.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 278.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 289.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.97pt;">Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 301.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.89pt;">investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 312.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.86pt;">based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 324.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 335.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.99pt;">investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party&#8217;s<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 347.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 137.17pt;">respective properties. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.11pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 302.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.43pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.21000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.44pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.29pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 412.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.64pt;">, we paid <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 454.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-573" decimals="-3" name="bxmt:AmountContributedToCaptiveTowardsInsurancePremium" format="ixt:num-dot-decimal" scale="0" id="f-2052">248,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.29pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-574" decimals="-3" name="bxmt:AmountContributedToCaptiveTowardsInsurancePremium" format="ixt:num-dot-decimal" scale="0" id="f-2053">109,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 358.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.91pt;">respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 370.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 193.62pt;">rata share of other expenses. Of these amounts, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-580" decimals="-3" name="us-gaap:PaymentForManagementFee" format="ixt:num-dot-decimal" scale="0" id="f-2054">29,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.11pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-581" decimals="-3" name="us-gaap:PaymentForManagementFee" format="ixt:num-dot-decimal" scale="0" id="f-2055">2,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 194.11pt;">, respectively, was attributable to the fee paid to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 381.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.86pt;">a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts included in the table<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 393.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 422.73pt;">above reflect the amortization of the insurance expense over the relevant period of the respective policies.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 416.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 428.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 453.71pt;">serves as the collateral manager and benchmark agent for our FL5 CLO issued in the first quarter of 2025. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.2pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 439.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.71pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.21000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.99pt;"><ix:nonFraction unitRef="asset" contextRef="c-582" decimals="INF" name="bxmt:CollateralizedLoanObligationsNumberOfAssets" format="ixt-sec:numwordsen" scale="0" id="f-2056">two</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 99.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 454.12pt;"> of our assets were in special servicing under the CLOs. CTIMCO and our Manager have waived any fees that<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 451.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">would be payable to a third party serving in such roles pursuant to the applicable agreements, and no such fees have been<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 462.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 231.98pt;">paid or will become payable to CTIMCO or our Manager.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 492.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.54pt;">Other Transactions<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 91.89pt;">In the first quarter of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.63pt;">, we invested <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 229.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.08pt;">$<ix:nonFraction unitRef="usd" contextRef="c-583" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2057">439.1</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 289.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.23pt;"> in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.33000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-584" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" format="ixt-sec:numwordsen" scale="0" id="f-2058">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.97pt;"> senior loan and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.08pt;">$<ix:nonFraction unitRef="usd" contextRef="c-585" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2059">60.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 444.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.23pt;"> in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="loan" contextRef="c-586" decimals="INF" name="bxmt:DebtInstrumentNumberOfLoans" format="ixt-sec:numwordsen" scale="0" id="f-2060">one</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.85pt;"> mezzanine loan to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 521.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 532.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.1pt;">structure on a pari passu basis.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 556.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.64pt;">In the first quarter of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 388.3pt;">, as part of a broad syndication led by third-party banks, Blackstone-advised investment vehicles<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 567.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 90.83pt;">acquired an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.32999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.08pt;">$<ix:nonFraction unitRef="usd" contextRef="c-587" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2061">75.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.17pt;"> of notes in our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.58000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.31pt;">$<ix:nonFraction unitRef="usd" contextRef="c-415" decimals="-3" name="bxmt:DebtInstrumentCollateralAmountFaceAmount" format="ixt:num-dot-decimal" scale="9" id="f-2062">1.0</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.73pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.37pt;">FL5 CLO<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 197.45pt;"> offering. All of these transactions were on terms<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 579.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.44pt;">equivalent to those of unaffiliated parties.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 224.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 602.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.69pt;">In the fourth quarter of 2024, we entered into our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.32pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 196.87pt;"> with a Blackstone-advised investment vehicle to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 614.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.02pt;">invest in triple net lease properties. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.9pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 295.41999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.18pt;">, the aggregate value of our equity investment in the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.86pt;">Net Lease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 625.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.99pt;">Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.49000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.3pt;"> was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.79000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.73pt;">$<ix:nonFraction unitRef="usd" contextRef="c-360" decimals="-5" name="us-gaap:EquityMethodInvestments" format="ixt:num-dot-decimal" scale="6" id="f-2063">29.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 190.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 134.61pt;"> and our ownership interest was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-360" decimals="2" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="f-2064">75</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 168.82pt;">. As part of these arrangements, we, our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.08pt;">Net Lease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 637.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.63pt;">Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 439.22pt;"> and the Blackstone-advised investment vehicle, together, have engaged and may in the future engage in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 648.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 233.86pt;">certain financing, derivative and/or hedging arrangements.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 672.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 183.36pt;">In the fourth quarter of 2024, pursuant to our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 241.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.08pt;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.68pt;">, we referred <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 461.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;"><ix:nonFraction unitRef="loan" contextRef="c-588" decimals="INF" name="bxmt:NumberOfLoansReferred" format="ixt-sec:numwordsen" scale="0" id="f-2065">three</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 71.75pt;"> loans to MTRCC<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 683.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">for origination, where the borrower was a Blackstone-advised investment vehicle. The loan terms and pricing were on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 695.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 220.59pt;">market terms negotiated by MTRCC. Pursuant to our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.73pt;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.54pt;">, we received <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 504.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-588" decimals="-3" name="bxmt:ProceedsFromLoanOriginationAndOtherLoanReceivableFees" format="ixt:num-dot-decimal" scale="0" id="f-2066">217,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 541.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.52pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 706.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 146.5pt;">origination, servicing, and other fees<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205pt; position: var(--position); text-decoration: none; white-space: pre; width: 235.07pt;"> for referring these loans during the fourth quarter of 2024.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></ix:continuation></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">50<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-2013-4" continuedAt="f-2013-5"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">In the fourth quarter of 2024, as part of broad syndications led by third-party banks, Blackstone-advised investment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 140.44pt;">vehicles acquired (i) an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.48pt;">$<ix:nonFraction unitRef="usd" contextRef="c-589" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2067">62.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.09pt;"> participation in our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.48pt;">$<ix:nonFraction unitRef="usd" contextRef="c-590" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2068">650.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 396.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 156.44pt;"> B-5 Term Loan, and (ii) an aggregate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.35pt;">$<ix:nonFraction unitRef="usd" contextRef="c-591" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2069">80.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.66pt;"> of our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.35pt;">$<ix:nonFraction unitRef="usd" contextRef="c-592" decimals="-5" name="us-gaap:DebtInstrumentFaceAmount" format="ixt:num-dot-decimal" scale="6" id="f-2070">450.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 157.06pt;">December 2024 senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 374.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 178.42pt;">. All of these transactions were on terms<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">equivalent to those of unaffiliated parties. Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">engaged as a member of the syndicate for both transactions. Our engagements of BSP are on terms equivalent to those of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 111.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 77.65pt;">unaffiliated parties.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">In the fourth quarter of 2024, in connection with the modification of one of our senior loans, a Blackstone-advised<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 419.76pt;">investment vehicle purchased a pari passu participation in the loan from a third party at a discount to par.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 170pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">In the fourth quarter of 2024, the senior lenders negotiated a discounted payoff of a senior loan in which we held an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">interest. As part of the discounted payoff, a Blackstone-advised investment vehicle&#8217;s mezzanine loan, which had been part<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 200.54pt;">of the total financing, received a small repayment.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.03999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 169.44pt;">In the third quarter of 2024, we acquired <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 227.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.46pt;">$<ix:nonFraction unitRef="usd" contextRef="c-593" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" format="ixt:num-dot-decimal" scale="6" id="f-2071">94.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 282.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.94pt;"> of a total <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.46pt;">$<ix:nonFraction unitRef="usd" contextRef="c-594" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" format="ixt:num-dot-decimal" scale="6" id="f-2072">560.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 168.52pt;"> senior loan to an unaffiliated third party.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">One Blackstone-advised investment vehicle holds a portion of the senior loan and another holds a mezzanine loan. We will<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 251pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">vehicle controls the mezzanine loan. The intercreditor agreement between the senior loan lender and the mezzanine lender<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 330.65pt;">was negotiated on market terms by a third party without our involvement, and our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;"><ix:nonFraction unitRef="number" contextRef="c-595" decimals="2" name="bxmt:RelatedPartyTransactionInterestInLoanPercentage" scale="-2" id="f-2073">17</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 146pt;"> interest in the senior loan was made<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 274pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.24pt;">on such market terms.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 248.15pt;">In 2019 and 2021, we acquired an aggregate participation of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.33pt;">&#8364;<ix:nonFraction unitRef="eur" contextRef="c-596" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" scale="6" id="f-2074"><ix:nonFraction unitRef="eur" contextRef="c-597" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" scale="6" id="f-2075">350.0</ix:nonFraction></ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 365.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 187.36pt;"> in a senior loan to a borrower that is partially<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 309pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">owned by a Blackstone-advised investment vehicle. We forgo all non-economic rights under the loan, including voting<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">rights, so long as the Blackstone-advised investment vehicle controls the borrower. The loan was negotiated by third parties<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">on market terms without our involvement, and our interest in the senior loan was subject to such market terms. In the third<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">quarter of 2024, the borrower completed a refinancing transaction involving new lenders and the existing lenders. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 355pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.16pt;">elected to sell <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.44pt;">&#8364;<ix:nonFraction unitRef="eur" contextRef="c-595" decimals="-5" name="us-gaap:MortgageLoansOnRealEstateCostOfMortgagesSold" scale="6" id="f-2076">232.0</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 94.81pt;"> of our then remaining <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.90999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.44pt;">&#8364;<ix:nonFraction unitRef="eur" contextRef="c-593" decimals="-5" name="bxmt:SECSchedule1229RealEstateCompaniesInvestmentInMortgageLoansOnRealEstateRemainingAmountOfMortgage" scale="6" id="f-2077">347.0</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 222.08pt;"> loan position to the new lenders at par and extend the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 366.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">remainder on modified terms. The terms of the modification (which included, among other changes, an extension of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 378pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 474.63pt;">maturity date, and increase in the interest rate, and additional guarantees) were negotiated by our third-party co-lender.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 401.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 176.47pt;">In the fourth quarter of 2018, we originated <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.88pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-598" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" format="ixt:num-dot-decimal" scale="6" id="f-2078">148.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.62pt;"> of a total <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 334.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.88pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-593" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" format="ixt:num-dot-decimal" scale="6" id="f-2079">303.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 393.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.09pt;"> senior loan to a borrower that is wholly<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 413pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 424.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">will forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">vehicle controls the borrower. In the third quarter of 2024, we agreed to a refinancing transaction pursuant to which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 447.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.89pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-595" decimals="-5" name="bxmt:RepaymentsOfLoanParticipations" format="ixt:num-dot-decimal" scale="6" id="f-2080">46.4</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 112.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.28pt;"> of our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.67000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.89pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-598" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" format="ixt:num-dot-decimal" scale="6" id="f-2081">148.7</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 112pt;"> participation in an existing <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.89pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-593" decimals="-5" name="srt:MortgageLoansOnRealEstateFaceAmountOfMortgages" format="ixt:num-dot-decimal" scale="6" id="f-2082">303.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.91pt;"> loan to a borrower that is wholly owned by a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 459pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 287.02pt;">Blackstone-advised investment vehicle was repaid, and we received a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.55pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-599" decimals="-5" name="bxmt:ProceedsOfLoanParticipations" format="ixt:num-dot-decimal" scale="6" id="f-2083">100.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 148.32pt;"> participation in a new loan made to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 470.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">the same borrower that continues to be controlled by a Blackstone-advised investment vehicle, and the terms of the loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 482pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">were modified to include, among other changes, an expanded collateral pool, an extension of the maturity date and an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 493.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">increase in the interest rate. The transaction, including the terms of the modification, was negotiated by our third-party co-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 505pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.46pt;">lender.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.96000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 528.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">In the second quarter of 2024, a Blackstone-advised investment vehicle acquired a portfolio of assets from an unaffiliated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 540pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 259.75pt;">third-party borrower. The proceeds of this transaction repaid a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 318.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.78pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-600" decimals="-5" name="bxmt:RepaymentsOfLoanParticipations" format="ixt:num-dot-decimal" scale="6" id="f-2084">46.5</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 180.37pt;"> performing junior loan owned by us, and a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 551.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.93pt;">&#163;<ix:nonFraction unitRef="gbp" contextRef="c-601" decimals="-5" name="bxmt:RepaymentsOfLoanParticipations" format="ixt:num-dot-decimal" scale="6" id="f-2085">186.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 120.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 433.05pt;"> performing senior loan owned by an unaffiliated third-party, both of which were included in our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 563pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">consolidated balance sheets, with the senior loan also recorded as a loan participation sold liability. The transaction was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 574.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">initiated by the third-party borrower with the sale pricing on market terms and the repayment completed in accordance with<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 586pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 328.74pt;">the loan agreements between the lenders and the unaffiliated third-party borrower.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 609.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">In the first quarter of 2024, a Blackstone-advised investment vehicle originated a loan to one of our unaffiliated third-party<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 621pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.71pt;">borrowers, the proceeds of which repaid a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.04pt;">$<ix:nonFraction unitRef="usd" contextRef="c-531" decimals="-5" name="us-gaap:ProceedsFromSaleAndCollectionOfLoansReceivable" format="ixt:num-dot-decimal" scale="6" id="f-2086">98.6</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 284.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 269.12pt;"> performing senior loan owned by us. The transaction was initiated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 632.5pt; width: 612pt;"><ix:continuation id="f-2013-5"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 306.07pt;">by the third-party borrower with the loan terms and pricing on market terms.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 662pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_118"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 662pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">22. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="f-2087" continuedAt="f-2087-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">COMMITMENTS AND CONTINGENCIES <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2087-1" continuedAt="f-2087-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 679.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.65pt;">Unfunded Commitments Under Loans Receivable<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 271.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 697pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.2pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 88.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.34pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 205.52pt;">, we had aggregate unfunded commitments of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.96pt;">$<ix:nonFraction unitRef="usd" contextRef="c-75" decimals="-8" name="us-gaap:OffBalanceSheetCreditLossLiability" format="ixt:num-dot-decimal" scale="9" id="f-2088">1.0</ix:nonFraction>&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 412.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.73pt;"> across <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 448.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><ix:nonFraction unitRef="loan" contextRef="c-364" decimals="INF" name="bxmt:FinancingReceivableNumberOfLoans" scale="0" id="f-2089">57</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 458.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 95.18pt;"> loans receivable, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 708.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.97pt;">$<ix:nonFraction unitRef="usd" contextRef="c-75" decimals="-5" name="bxmt:OffBalanceSheetCreditLossLiabilityCommittedFinancings" format="ixt:num-dot-decimal" scale="6" id="f-2090">520.2</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 434.95pt;"> of committed or identified financings for those commitments, resulting in net unfunded commitments of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 720pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 59pt;">$<ix:nonFraction unitRef="usd" contextRef="c-75" decimals="-5" name="bxmt:OffBalanceSheetCreditLossLiabilityNet" format="ixt:num-dot-decimal" scale="6" id="f-2091">513.0</ix:nonFraction>&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.15pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 430.78pt;">The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">51<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-2087-2" continuedAt="f-2087-3"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 411.79pt;">limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 470.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.15pt;"> Therefore, the exact<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 225.03pt;">which have a weighted-average future funding period of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 283.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 286.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.08pt;"><ix:nonNumeric contextRef="c-364" name="bxmt:OffBalanceSheetCreditLossLiabilityTerm" format="ixt-sec:duryear" id="f-2092">2.3</ix:nonNumeric> years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 117.68pt;">Principal Debt Repayments<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 176.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152.5pt; width: 612pt;"><ix:nonNumeric contextRef="c-1" name="srt:ContractualObligationFiscalYearMaturityScheduleTableTextBlock" id="f-2093" continuedAt="f-2093-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 192.81pt;">Our contractual principal debt repayments as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 314.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 134.89pt;"> were as follows ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2093-1" continuedAt="f-2093-2"><div style="position: var(--position); top: 170pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 81.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 81.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 32.44pt; position: var(--position); text-decoration: none; white-space: pre;">Year<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.86pt; position: var(--position); white-space: pre;">Secured <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.38pt; position: var(--position); white-space: pre;">Debt<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.8pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.88pt; position: var(--position); white-space: pre;">Asset-Specific <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.38pt; position: var(--position); white-space: pre;">Debt<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.8pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.08pt; position: var(--position); white-space: pre;">Term <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.15pt; position: var(--position); white-space: pre;">Loans<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 40.03pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.76pt; position: var(--position); text-decoration: none; white-space: pre;">Senior Secured <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.08pt; position: var(--position); text-decoration: none; white-space: pre;">Notes<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.42pt; position: var(--position); white-space: pre;">Convertible <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.05pt; position: var(--position); white-space: pre;">Notes<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 39.14pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.49pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 38.7pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">2025 (remaining)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 21.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-2094">986,557</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 21.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" format="ixt:fixed-zero" scale="3" id="f-2095">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 21.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-2096">11,069</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 21.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" format="ixt:fixed-zero" scale="3" id="f-2097">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 21.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" format="ixt:fixed-zero" scale="3" id="f-2098">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 21.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear" format="ixt:num-dot-decimal" scale="3" id="f-2099">997,626</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 36.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 36.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" format="ixt:num-dot-decimal" scale="3" id="f-2100">3,392,946</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 36.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" format="ixt:fixed-zero" scale="3" id="f-2101">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 36.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" format="ixt:num-dot-decimal" scale="3" id="f-2102">324,026</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 36.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" format="ixt:fixed-zero" scale="3" id="f-2103">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 36.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" format="ixt:fixed-zero" scale="3" id="f-2104">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 36.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" format="ixt:num-dot-decimal" scale="3" id="f-2105">3,716,972</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 51.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 51.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-2106">3,383,555</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 51.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" format="ixt:fixed-zero" scale="3" id="f-2107">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 51.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 31.04pt;"></span></span><span style="left: 33.67pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-2108">14,758</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 51.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-2109">335,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 51.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-2110">266,157</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 51.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" format="ixt:num-dot-decimal" scale="3" id="f-2111">3,999,786</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 66.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 66.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" format="ixt:num-dot-decimal" scale="3" id="f-2112">735,303</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 66.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" format="ixt:fixed-zero" scale="3" id="f-2113">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 66.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" format="ixt:num-dot-decimal" scale="3" id="f-2114">638,758</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 66.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" format="ixt:fixed-zero" scale="3" id="f-2115">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 66.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" format="ixt:fixed-zero" scale="3" id="f-2116">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 66.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" format="ixt:num-dot-decimal" scale="3" id="f-2117">1,374,061</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 81.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 81.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2118">1,174,497</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 81.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2119">336,387</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 81.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2120">772,137</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 81.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2121">450,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 81.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" format="ixt:fixed-zero" scale="3" id="f-2122">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 81.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2123">2,733,021</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Thereafter<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 96.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="bxmt:LongTermDebtMaturityAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2124">338,683</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 96.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="bxmt:LongTermDebtMaturityAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2125">157,694</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 96.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="bxmt:LongTermDebtMaturityAfterYearFour" format="ixt:fixed-zero" scale="3" id="f-2126">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 96.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="bxmt:LongTermDebtMaturityAfterYearFour" format="ixt:fixed-zero" scale="3" id="f-2127">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 96.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="bxmt:LongTermDebtMaturityAfterYearFour" format="ixt:fixed-zero" scale="3" id="f-2128">&#8212;</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 96.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="bxmt:LongTermDebtMaturityAfterYearFour" format="ixt:num-dot-decimal" scale="3" id="f-2129">496,377</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 111.75pt; width: 81.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 81.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 85.5pt; position: var(--position); top: 111.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 8.54pt;"></span></span><span style="left: 16.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-5" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-2130">10,011,541</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 154.5pt; position: var(--position); top: 111.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-9" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-2131">494,081</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 223.5pt; position: var(--position); top: 111.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-459" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-2132">1,760,748</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 292.5pt; position: var(--position); top: 111.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-464" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-2133">785,316</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360.75pt; position: var(--position); top: 111.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-467" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-2134">266,157</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429.75pt; position: var(--position); top: 111.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 8.54pt;"></span></span><span style="left: 16.169999999999998pt; position: var(--position);"><ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-3" name="us-gaap:DebtInstrumentCarryingAmount" format="ixt:num-dot-decimal" scale="3" id="f-2135">13,317,843</ix:nonFraction><span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 301.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 313.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 324.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 336.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 347.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.75pt;">maturity date of the respective debt agreement is used.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 359.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 274.79pt;">The Term Loans are partially amortizing, with an amount equal to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><ix:nonFraction unitRef="number" contextRef="c-58" decimals="2" name="bxmt:DebtInstrumentAmortizationPercentage" scale="-2" id="f-2136">1.0</ix:nonFraction>%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 172.3pt;"> per annum of the initial principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 370.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 153.97pt;">due in quarterly installments. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 239.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 11<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 154.29pt;"> for further details on our Term Loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 382.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.95pt;">Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 393.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10.27pt;">to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 178.71pt;"> for further details on our Convertible Notes.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 405.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.88pt;">Total does not include <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 179.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-7" decimals="-8" name="us-gaap:LongTermDebt" scale="9" id="f-2137">2.6</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 213.81pt;"> billion of consolidated securitized debt obligations, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:LoanExposureAmountIncludingNonConsolidatedSeniorInterests" scale="6" id="f-2138">845.8</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 438.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 115.24pt;"> million of non-consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 416.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.33pt;">senior interests, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.82999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.25pt;">$<ix:nonFraction unitRef="usd" contextRef="c-3" decimals="-5" name="bxmt:LoanParticipationLiabilitiesPrincipalAmount" scale="6" id="f-2139">101.7</ix:nonFraction> million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 325.33pt;"> of loan participations sold, as the satisfaction of these liabilities will not require<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 428.25pt; width: 612pt;"><ix:continuation id="f-2093-2"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.93pt;">cash outlays from us.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 469.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Board of Directors&#8217; Compensation<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 486.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.52pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.65pt;">, of the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.32999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.97pt;"><ix:nonFraction unitRef="director" contextRef="c-1" decimals="INF" name="bxmt:BoardOfDirectorsNumberOfMembers" format="ixt-sec:numwordsen" scale="0" id="f-2140">eight</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.47pt;"> members of our board of directors, our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 357.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;"><ix:nonFraction unitRef="director" contextRef="c-1" decimals="INF" name="bxmt:BoardOfDirectorsNumberOfDirectorsEligibleForCompensation" format="ixt-sec:numwordsen" scale="0" id="f-2141">six</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 369.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 183.88pt;"> non-employee directors are entitled to annual<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.62pt;">compensation of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-602" decimals="-3" name="bxmt:AnnualDirectorCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2142">210,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.14pt;"> each, of which <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 230.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-602" decimals="-3" name="bxmt:AnnualDirectorCompensationCash" format="ixt:num-dot-decimal" scale="0" id="f-2143">95,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 263.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.21pt;"> is paid in cash and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 344.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-602" decimals="-3" name="bxmt:AnnualDirectorCompensationStock" format="ixt:num-dot-decimal" scale="0" id="f-2144">115,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.49pt;"> is paid in the form of deferred stock units<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 272.78pt;">or, at their election, shares of restricted common stock. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.93pt;">, the other <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.99pt;"><ix:nonFraction unitRef="director" contextRef="c-1" decimals="INF" name="bxmt:BoardOfDirectorsNumberOfMembersNotEligibleForAnnualCompensation" format="ixt-sec:numwordsen" scale="0" id="f-2145">two</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.78pt;"> board members, the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 521.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">chairperson of the board and our chief executive officer, are not compensated by us for their service as directors. In<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 532.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 373.6pt;">addition, (i) the lead independent director receives additional annual cash compensation of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-602" decimals="-3" name="bxmt:AnnualDirectorCompensationAdditionalCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2146">30,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 88.81pt;">, (ii) the chairs of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 544.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 459.97pt;">audit, compensation, and corporate governance committees receive additional annual cash compensation of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-603" decimals="-3" name="bxmt:AnnualDirectorCompensationAdditionalCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2147">20,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 555.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-604" decimals="-3" name="bxmt:AnnualDirectorCompensationAdditionalCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2148">15,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 91pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.37pt;">, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-605" decimals="-3" name="bxmt:AnnualDirectorCompensationAdditionalCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2149">10,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.22pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.75pt;">respectively,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 201.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 351.57pt;"> and (ii) the members of our audit and investment risk management committees receive<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 567.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.64pt;">additional annual cash compensation of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 219.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-606" decimals="-3" name="bxmt:AnnualDirectorCompensationAdditionalCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2150">10,000</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.43pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$<ix:nonFraction unitRef="usd" contextRef="c-607" decimals="-2" name="bxmt:AnnualDirectorCompensationAdditionalCompensation" format="ixt:num-dot-decimal" scale="0" id="f-2151">7,500</ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 298.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.75pt;">, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 354.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 596.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Litigation <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 614.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 625.75pt; width: 612pt;"><ix:continuation id="f-2087-3"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 228.88pt;">, we were not involved in any material legal proceedings.<span style="display: inline-block; height: 6.93pt;"></span></span></ix:continuation><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 350.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 655.25pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_549755815282"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 655.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">23<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 68.5pt; position: var(--position); text-decoration: none; white-space: pre;">. <span style="display: inline-block; height: 6.77pt;"></span></span><ix:nonNumeric contextRef="c-1" name="us-gaap:SegmentReportingDisclosureTextBlock" id="f-2152" continuedAt="f-2152-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 73.5pt; position: var(--position); text-decoration: none; white-space: pre;">SEGMENT REPORTING <span style="display: inline-block; height: 6.77pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2152-1" continuedAt="f-2152-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 672.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 684.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 695.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 112.35pt;">CODM is, collectively, our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 212.28pt;">Chief Executive Officer and Chief Financial Officer,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 383.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 170.36pt;"> who decide how to allocate resources and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 707.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 417.59pt;">assess performance. A single management team reports to the CODM, who manages the entire business.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">52<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 16.45pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 237.02pt; position: var(--position); white-space: pre;">Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.74pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 28.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 161.18pt; position: var(--position); white-space: pre;">Notes to Consolidated Financial Statements (continued) (Unaudited)<span style="display: inline-block; height: 6.74pt;"></span></span></div></div></div><div><ix:continuation id="f-2152-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 143.95pt;">We have determined that we have <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;"><ix:nonFraction unitRef="segment" contextRef="c-1" decimals="INF" name="us-gaap:NumberOfOperatingSegments" format="ixt-sec:numwordsen" scale="0" id="f-2153"><ix:nonFraction unitRef="segment" contextRef="c-1" decimals="INF" name="us-gaap:NumberOfReportableSegments" format="ixt-sec:numwordsen" scale="0" id="f-2154">one</ix:nonFraction></ix:nonFraction><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 336.6pt;"> reportable segment based on how the CODM reviews and manages the business,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.78pt;">which originates and acquires commercial mortgage loans and related investments.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 390.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.03pt;">total consolidated assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">53<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_121"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 2.<span style="display: inline-block; height: 6.77pt; width: 35.36pt;"></span></span><span style="left: 130.5pt; position: var(--position);">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">RESULTS OF OPERATIONS <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">References herein to &#8220;Blackstone Mortgage Trust,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; refer to Blackstone Mortgage<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 322.71pt;">Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">The following discussion and analysis of our financial condition and results of operations should be read in conjunction<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 310.6pt;">Form 10-Q and with our Annual Report on Form 10-K for the year ended <span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 369.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.41pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 449.51pt; position: var(--position); white-space: pre; width: 103.92pt;">. In addition to historical<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.86pt;">performance. You can identify these forward-looking statements by the use of words such as &#8220;intend,&#8221; &#8220;goal,&#8221; &#8220;estimate,&#8221;<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 192.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">&#8220;expect,&#8221; &#8220;project,&#8221; &#8220;projections,&#8221; &#8220;plans,&#8221; &#8220;seeks,&#8221; &#8220;anticipates,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;may,&#8221; &#8220;designed to,&#8221;<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">&#8220;foreseeable future,&#8221; &#8220;believe,&#8221; &#8220;scheduled,&#8221; and similar expressions. Such forward- looking statements are subject to<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 215.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 238.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.86pt;">in our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this Quarterly Report on<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 47.76pt;">Form 10-Q.<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 279.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 54.42pt;">Introduction<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 112.92pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 354.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 366pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">financing, depending on our view of the most prudent financing option available for each of our investments. We are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 377.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 389pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 472.57pt;">real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol &#8220;BXMT.&#8221;<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 412.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 424pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 141.14pt;">Blackstone&#8217;s real estate platform. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 199.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 353.83pt;">Blackstone&#8217;s real estate group is the largest owner of commercial real estate globally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 435.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.77pt;">with over 12,500 commercial assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.27pt; position: var(--position); white-space: pre; width: 345.23pt;"> and a proven track record of successfully navigating market cycles and emerging<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 447pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 458.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly manage the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 470pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 427.98pt;">assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 493.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 505pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 516.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 528pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 539.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 313.08pt;">company and conduct our business primarily through our various subsidiaries.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.58pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 127.37pt;">Macroeconomic Environment<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 586.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 82.17pt;">Recently announced<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.67000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 412.7pt;"> tariffs in the U.S. have contributed to significant and ongoing uncertainty and volatility of debt and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 598pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 152.9pt;">equity markets. There is significant <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.4pt; position: var(--position); white-space: pre; width: 341.99pt;">uncertainty as to the outcome of ongoing global trade negotiations, the extent of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 609.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.86pt;">retaliatory measures taken by other countries and the ultimate impact on the U.S. and global economies. A prolonged<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 621pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">period of policy-driven uncertainty and continued market volatility increases the likelihood of a slowdown in the U.S. and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 632.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">global economies and could impact the ongoing recovery in the commercial real estate market, which could adversely<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 644pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 407.81pt;">affect us, our borrowers, their tenants and the value of the real estate assets related to our investments.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 667.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">At the same time, the announced tariffs are likely to increase construction costs and further reduce already constrained new<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 679pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">supply starts, including in certain sectors in which our portfolio is concentrated, such as multifamily and industrial. This<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 690.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">should be supportive of real estate values over time, subject to inflation continuing to subside and absent recessionary<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 702pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 40.24pt;">condition.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">54<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_124"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: underline; white-space: pre;"> I. Key Financial Measures and Indicators <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 31.15pt;">For the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 89.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.31pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.95999999999998pt; position: var(--position); white-space: pre; width: 2.53pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.13pt; position: var(--position); white-space: pre; width: 56.69pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.78pt;">basic net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 328.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.55pt;">loss<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 344.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.29pt;"> per share of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 396.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$0.00<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 418.94pt; position: var(--position); white-space: pre; width: 101.7pt;">, declared a dividend of $<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 520.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;">0.47<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 538.14pt; position: var(--position); white-space: pre; width: 15.29pt;"> per<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 63.45pt;">share, reported <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$0.17<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.45pt; position: var(--position); white-space: pre; width: 206.38pt;"> per share of Distributable Earnings, and reported <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 350.83pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$0.42<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.33pt; position: var(--position); white-space: pre; width: 180.07pt;"> per share of Distributable Earnings prior to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 192.06pt;">charge-offs. In addition, our book value as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 250.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.8pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.36pt; position: var(--position); white-space: pre; width: 22.76pt;"> was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 339.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$21.42<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 366.62pt; position: var(--position); white-space: pre; width: 186.72pt;"> per share, which is net of cumulative CECL<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.06pt;">reserves of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$4.39<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.06pt; position: var(--position); white-space: pre; width: 41.34pt;"> per share.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 175.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance excluding the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 187pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 198.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 256.37pt;">performance metrics we consider when declaring our dividends.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 239.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Earnings Per Share and Dividends Declared<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 135.11pt;">thousands, except per share data):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.61pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 280pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 336pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 336pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 336pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 0pt; width: 159pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 159pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 43.09pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.45pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 336pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Net (loss) income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 73.66pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 25.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 47.96pt;"></span></span><span style="left: 55.59pt; position: var(--position);">(357)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 25.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 46.42pt; position: var(--position);">37,190<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 336pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Weighted-average shares outstanding, basic<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 40.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.37pt; position: var(--position); text-decoration: none; white-space: pre;">172,004,888<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 40.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.37pt; position: var(--position); text-decoration: none; white-space: pre;">173,488,888<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 336pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net (loss) income per share, basic<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 55.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 53.09pt; position: var(--position);">(0.00)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 55.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);">0.21<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 336pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 336pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends declared per share<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 336pt; position: var(--position); top: 70.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);">0.47<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 70.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);">0.47<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 369.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 382pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 348.47pt;">Represents net (loss) income attributable to Blackstone Mortgage Trust. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.04pt;">Note 15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.01pt; position: var(--position); white-space: pre; width: 85.45pt;"> to our consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 393.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 308.46pt;">financial statements for the calculation of diluted net (loss) income per share.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 423pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Distributable Earnings and Distributable Earnings Prior to Charge-Offs <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 440.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 463.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.86pt;">amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 486.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 521pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 532.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 409.77pt;">net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.27pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 556pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 567.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 579pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 590.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.81pt;">event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 602pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 613.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 625pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 636.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 648pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 659.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 125.07pt;">ultimate realization of the loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.57pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 683pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 694.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 706pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">useful financial metric for existing and potential future holders of our class A common stock as historically, over time,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 717.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">55<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 380.72pt;">one of the principal reasons stockholders may invest in our class A common stock. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 439.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.7pt;">Note 17<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 471.92pt; position: var(--position); white-space: pre; width: 81.43pt;"> to our consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 111.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 57.19pt;">our dividends.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 115.69pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">direct operating results and help existing and potential future holders of our class A common stock assess the performance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">of our business excluding such charge-offs. We utilize Distributable Earnings prior to charge-offs of CECL reserves as an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 192.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 117.65pt;">charge-offs had not occurred.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to charge-offs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 273.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">of CECL reserves may differ from the methodologies employed by other companies to calculate the same or similar<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 296.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 417.27pt;">to charge-offs of CECL reserves may not be comparable to similar metrics reported by other companies.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">56<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 330.76pt;">CECL reserves to GAAP net income (loss) ($ in thousands, except per share data):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 83pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 342pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 0pt; width: 153pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 153pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 40.09pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 12.75pt; width: 71.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Net (loss) income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 73.66pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 25.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.21pt;"></span></span><span style="left: 48.84pt; position: var(--position);">(357)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 25.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 46.42pt; position: var(--position);">37,190<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Charge-offs of CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 124.44pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 40.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 33.71pt;"></span></span><span style="left: 36.34pt; position: var(--position);">(41,824)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 40.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 35.46pt;"></span></span><span style="left: 38.09pt; position: var(--position);">(294,064)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 55.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">49,505<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 55.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 43.79pt;"></span></span><span style="left: 46.42pt; position: var(--position);">19,055<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Depreciation and amortization of real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 70.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">16,517<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 70.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">8,193<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 85.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Non-cash compensation expense<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 85.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 44.67pt; position: var(--position);">6,965<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 85.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">7,772<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 100.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Realized hedging and foreign currency loss, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 193.24pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 100.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.71pt;"></span></span><span style="left: 41.34pt; position: var(--position);">(1,237)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 100.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.96pt;"></span></span><span style="left: 55.59pt; position: var(--position);">(598)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 115.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Allocable share of adjustments related to unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 260.33pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 115.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">94<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 115.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 61.29pt;"></span></span><span style="left: 63.92pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 130.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Cash (non-cash) income from agency multifamily partnership, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 266.77pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 130.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">24<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 130.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.96pt;"></span></span><span style="left: 55.59pt; position: var(--position);">(718)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 145.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Contingent liabilities<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 86.67pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 145.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 145.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">5,653<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 160.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Adjustments attributable to non-controlling interests, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 160.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 51.21pt;"></span></span><span style="left: 53.84pt; position: var(--position);">(94)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 160.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.96pt;"></span></span><span style="left: 55.59pt; position: var(--position);">(102)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 175.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other items<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 175.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.96pt; position: var(--position); text-decoration: none; white-space: pre;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 175.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 57.96pt;"></span></span><span style="left: 60.59pt; position: var(--position);">(11)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 190.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Distributable Earnings<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 190.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 32.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">29,590<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 190.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.46pt;"></span></span><span style="left: 38.09pt; position: var(--position);">(217,630)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 205.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Charge-offs of CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 124.44pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 205.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">41,824<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 205.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">294,064<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 220.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Distributable Earnings prior to charge-offs of CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 220.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 32.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">71,414<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 220.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 46.42pt; position: var(--position);">76,434<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 235.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average shares outstanding, basic<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 177.96pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(7)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 235.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 14.54pt;"></span></span><span style="left: 17.169999999999998pt; position: var(--position);">172,004,888<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 235.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 21.29pt;"></span></span><span style="left: 23.919999999999998pt; position: var(--position);">173,488,888<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 250.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Distributable Earnings per share, basic<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 250.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 49.67pt; position: var(--position);">0.17<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 250.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 53.09pt; position: var(--position);">(1.25)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 265.5pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Distributable Earnings per share, basic, prior to charge-offs of CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 265.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 49.67pt; position: var(--position);">0.42<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 265.5pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);">0.44<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 368.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 380.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 287.7pt;">Represents net (loss) income attributable to Blackstone Mortgage Trust.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.2pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 392.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 341.75pt;">Represents realized losses related to loan principal amounts deemed non-recoverable.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 403.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.98pt;">Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 415.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 468pt;">GAAP net income (loss), but rather as a component of other comprehensive income in our consolidated financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 426.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 44.65pt;">statements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 130.15pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 438.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.86pt;">Allocable share of adjustments related to unconsolidated entities reflects our share of (i) non-cash items such as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 449.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.94pt;">depreciation and amortization, (ii) unrealized gains and losses recorded by such unconsolidated entities, if any, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 461.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 197.22pt;">(iii) related adjustments for realized gains, if any.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 282.72pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">Represents (i) the non-cash income recognized under GAAP related to our Agency Multifamily Lending<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 484.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 507.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 154.51pt;">previously recognized under GAAP.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 240.01pt; position: var(--position); white-space: pre; width: 45.97pt;"> Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.76pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 315.74pt; position: var(--position); white-space: pre; width: 237.65pt;"> to our consolidated financial statements for additional<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 78pt;">information on our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 163.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 165.66pt;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.15999999999997pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 530.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 233.82pt;">Represents a contingent liability related to a sale of a loan.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 541.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(7)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.93pt;">The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 553.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.89pt;">Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 401.32pt;">Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.77pt;">Note 15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 521.5899999999999pt; position: var(--position); white-space: pre; width: 31.8pt;"> to our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 336.74pt;">consolidated financial statements for the calculation of diluted net income per share.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">57<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 94.64pt;">Book Value Per Share<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 380.65pt;">The following table calculates our book value per share ($ in thousands, except per share data):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 89pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 335.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 335.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 0pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.45pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 0pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Stockholders&#8217; equity<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">3,681,968<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">3,787,308<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Shares<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Class A common stock<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 42.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 21.29pt;"></span></span><span style="left: 23.919999999999998pt; position: var(--position);">171,582,452<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 42.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 21.29pt;"></span></span><span style="left: 23.919999999999998pt; position: var(--position);">172,792,094<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Deferred stock units<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 57.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">310,108<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 57.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">412,096<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 72.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.37pt; position: var(--position); text-decoration: none; white-space: pre;">171,892,560<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 72.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.37pt; position: var(--position); text-decoration: none; white-space: pre;">173,204,190<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Book value per share<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 87.25999999999999pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 87.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">21.42<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 87.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 43.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">21.87<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 196.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 207pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.88pt;">The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 218.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 88.38pt;">outstanding. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 173.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.52pt;">Note 15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 206.4pt; position: var(--position); white-space: pre; width: 347.06pt;"> to our consolidated financial statements for the calculation of diluted net income per<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 230pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 23.58pt;">share.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 259.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_127"></div><div style="line-height: 10pt; position: var(--position); top: 259.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: underline; white-space: pre;">II. Investment Portfolio <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 283pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 62.45pt;">Loan Portfolio<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 120.95pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 300.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.32pt;">During the <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">three months ended<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 183.87pt; position: var(--position); white-space: pre; width: 3.73pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.98pt; position: var(--position); white-space: pre; width: 111.87pt;">, we originated or acquired <span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 363.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.48pt;">$1.6&#160;billion<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 143.14pt;"> of loans. Loan fundings during the<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.35pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 137.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.05pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.27pt;"> totaled <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 238.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.63pt;">$1.7&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 160.04pt;"> and loan repayments and sales totaled <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 445.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.63pt;">$1.8&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.28pt;">. We generated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 325.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 75.01pt;">interest income of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 133.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.98pt;">$332.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 192.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 133.4pt;"> and incurred interest expense of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.98pt;">$242.2&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.19pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 431.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.51pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.63pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.21pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 337.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 76.31pt;">, which resulted in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$89.8&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.66pt; position: var(--position); white-space: pre; width: 132.62pt;">&#160;of net interest income during the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 422.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 366.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Loan Portfolio Overview <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 384.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 291.34pt;">The following table details our loan origination activity ($ in thousands):<span style="display: inline-block; height: 8.73pt;"></span></span><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 349.84pt; position: var(--position); white-space: pre; width: 3.33pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 398.1pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 325.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 83.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 83.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 0pt; width: 169.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 169.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 48.34pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 325.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 325.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 12.75pt; width: 83.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 12.75pt; width: 83.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 325.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 325.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loan originations<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 73.39pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 25.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">1,554,159<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 25.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.04pt;"></span></span><span style="left: 46.67pt; position: var(--position);">197,230<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 325.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 325.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loan fundings<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 55.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">1,681,299<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 55.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.04pt;"></span></span><span style="left: 46.67pt; position: var(--position);">376,871<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 325.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 325.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loan repayments and sales<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 70.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.96pt; position: var(--position); text-decoration: none; white-space: pre;">(1,810,678)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 70.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.96pt; position: var(--position); text-decoration: none; white-space: pre;">(1,607,073)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 85.5pt; width: 325.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 325.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total net repayments<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 85.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.71pt;"></span></span><span style="left: 43.34pt; position: var(--position);">(129,379)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 85.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.21pt;"></span></span><span style="left: 35.84pt; position: var(--position);">(1,230,202)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 503.6pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 513.6pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 418.43pt;">Includes new loan originations and acquisitions, and additional commitments made under existing loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 503.93pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">58<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 333.18pt;">The following table details overall statistics for our loans receivable portfolio as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 455.26pt; position: var(--position); white-space: pre; width: 69.68pt;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 524.94pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 65.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 395.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 99.75pt;"/></tr><tr style="height: 24pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 0pt; width: 99.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 15.37pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.91pt; position: var(--position); text-decoration: none; white-space: pre;">Balance Sheet Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 24pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Number of loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 24pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 69.71pt;"></span></span><span style="left: 72.33999999999999pt; position: var(--position);">138<span style="display: inline-block; height: 6.93pt; width: 11.66pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Principal balance<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 39pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.71pt;"></span></span><span style="left: 42.34pt; position: var(--position);">19,217,768<span style="display: inline-block; height: 6.93pt; width: 11.66pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net book value<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 54pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.71pt;"></span></span><span style="left: 42.34pt; position: var(--position);">18,308,171<span style="display: inline-block; height: 6.93pt; width: 11.66pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 69pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Unfunded loan commitments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 119.17999999999999pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 69pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 39.71pt;"></span></span><span style="left: 47.34pt; position: var(--position);">1,033,229<span style="display: inline-block; height: 6.93pt; width: 11.66pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 84pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average cash coupon<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 128.02pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 84pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 61.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 61.71pt; position: var(--position);">+ 3.39<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 90.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 99pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average all-in yield<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 121.88pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 99pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 61.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 61.71pt; position: var(--position);">+ 3.70<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 90.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 114pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Weighted-average maximum maturity (years)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 185.43pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 114pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.62pt; position: var(--position); text-decoration: none; white-space: pre;">2.3<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 129pt; width: 395.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 395.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Origination loan-to-value (LTV)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 133.03pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 395.25pt; position: var(--position); top: 129pt; width: 99.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 99.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 69.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 69.84pt; position: var(--position);">63.3<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 90.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 214.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 6pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">Unfunded commitments will primarily be funded to finance our borrowers&#8217; construction or development of real<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.96pt;">estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 370.05pt;">generally be funded over the term of each loan, subject in certain cases to an expiration date.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.9pt;">The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 273.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 442.9pt;">rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable to each investment.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.4pt; position: var(--position); white-space: pre; width: 25pt;"> As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.18pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.68pt; position: var(--position); white-space: pre; width: 6.8pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 159.48000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 209.3pt;">substantially all of our loans by principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.78pt; position: var(--position); white-space: pre; width: 184.57pt;"> earned a floating rate of interest, primarily<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 296.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 406.51pt;">extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.41pt;">Excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 319.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 279.12pt;">accounted for under the cost-recovery and nonaccrual methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.62pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 367.12pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.94pt;">Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 342.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 187.24pt;">investments may be repaid prior to such date. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 272.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 280.72pt;">Excludes loans accounted for under the cost-recovery and nonaccrual<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 354pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 62.55pt;">methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.05pt; position: var(--position); white-space: pre; width: 30.43pt;">. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.48000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.24pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.72pt; position: var(--position); white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 245.22pt; position: var(--position); white-space: pre; width: 2.83pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 248.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;">17%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.38pt; position: var(--position); white-space: pre; width: 286.93pt;"> of our loans by principal balance were subject to yield maintenance or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 365.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 136.5pt;">other prepayment restrictions and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;">83%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 240.33pt; position: var(--position); white-space: pre; width: 232.54pt;"> were open to repayment by the borrower without penalty.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 377pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired and any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 388.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 102.39pt;">junior participations sold.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 421.77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 74.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.81pt;"><span style="background-color: inherit;"> following table details the index rate floors for our loan portfolio as of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 359.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;"><span style="background-color: inherit;">March&#160;31, 2025</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.68pt;"><span style="background-color: inherit;"> ($ in thousands):</span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 436.27pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 275.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 275.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 0pt; width: 216pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 216pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 46.83pt; position: var(--position); white-space: pre;">Loans Receivable Principal Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 275.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Index Rate Floors<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.88pt; position: var(--position); text-decoration: none; white-space: pre;">USD<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.42pt; position: var(--position); white-space: pre;">Non-USD<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.27pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 12.75pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.77pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Fixed Rate<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">161,794<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 48.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 25.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">161,794<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">0.00% or no floor<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 73.72pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">2,253,062<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">5,429,004<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 40.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">7,682,066<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">0.01% to 1.00% floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">3,831,152<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">383,878<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 55.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">4,215,030<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">1.01% to 2.00% floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">1,270,538<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">1,002,702<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 70.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">2,273,240<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 85.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">2.01% to 3.00% floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 85.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">2,840,351<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 85.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">371,186<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 85.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">3,211,537<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 100.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">3.01% or more floor<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 100.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">1,340,478<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 100.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">333,623<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 100.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 23.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">1,674,101<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 115.5pt; width: 275.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 275.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 23.7pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 279pt; position: var(--position); top: 115.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);">11,697,375<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 352.5pt; position: var(--position); top: 115.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">7,520,393<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 425.25pt; position: var(--position); top: 115.5pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.04pt;"></span></span><span style="left: 20.669999999999998pt; position: var(--position);">19,217,768<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 571.77pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 582.02pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593.52pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 43.54pt;">currencies.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 605.02pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.41pt;">Includes all impaired loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 616.52pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 25.5pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 175.64pt; position: var(--position); white-space: pre; width: 377.77pt;">, the weighted-average index rate floor of our floating-rate loans receivable principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 628.02pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 19.14pt;">was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;">1.13%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 130.47pt; position: var(--position); white-space: pre; width: 423.02pt;">. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 639.52pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;">1.74%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 111.33pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">59<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 355.19pt;">The following table details the floating benchmark rates for our loan portfolio as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 413.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.44pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 480.13pt; position: var(--position); white-space: pre; width: 73.3pt;"> (loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 163.7pt;">principal balance amounts in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 77pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 83.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78.75pt;"/></tr><tr style="height: 23.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.43pt; width: 78.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 30.49pt; position: var(--position); white-space: pre;">Loan<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.62pt; width: 78.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28.72pt; position: var(--position); white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 82.5pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.62pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 21.95pt; position: var(--position); text-decoration: none; white-space: pre;"> Currency <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 165pt; position: var(--position); top: 0pt; width: 83.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.43pt; width: 83.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.76pt; position: var(--position); white-space: pre;">Loans Receivable <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.62pt; width: 83.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.32pt; position: var(--position); white-space: pre;">Principal Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 252pt; position: var(--position); top: 0pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.43pt; width: 78pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.8pt; position: var(--position); white-space: pre;">Floating Rate <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.62pt; width: 78pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 26.2pt; position: var(--position); white-space: pre;">Index<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 45.739999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.62pt; width: 78.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.14pt; position: var(--position); white-space: pre;">Cash Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 59.55pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 0pt; width: 78.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.62pt; width: 78.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.48pt; position: var(--position); white-space: pre;">All-in Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 56.209999999999994pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 23.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.87pt; position: var(--position); text-decoration: none; white-space: pre;">107<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 82.5pt; position: var(--position); top: 23.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">$<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 165pt; position: var(--position); top: 23.25pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.54pt;"></span></span><span style="left: 34.17pt; position: var(--position);">11,697,375<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 252pt; position: var(--position); top: 23.25pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 25.25pt; position: var(--position); text-decoration: none; white-space: pre;"> SOFR<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 23.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.19%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 23.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.47%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 38.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">15<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 82.5pt; position: var(--position); top: 38.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#163;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 165pt; position: var(--position); top: 38.25pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">2,400,386<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 252pt; position: var(--position); top: 38.25pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.72pt; position: var(--position); text-decoration: none; white-space: pre;">SONIA<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 38.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.23%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 38.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.67%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 53.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">10<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 82.5pt; position: var(--position); top: 53.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">&#8364;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 165pt; position: var(--position); top: 53.25pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">2,222,792<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 252pt; position: var(--position); top: 53.25pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.07pt; position: var(--position); text-decoration: none; white-space: pre;">EURIBOR<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 53.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.80%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 53.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 4.17%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 68.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.87pt; position: var(--position); text-decoration: none; white-space: pre;">6<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 82.5pt; position: var(--position); top: 68.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.55pt; position: var(--position); text-decoration: none; white-space: pre;">Various<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 165pt; position: var(--position); top: 68.25pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">2,015,401<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 252pt; position: var(--position); top: 68.25pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.59pt; position: var(--position); white-space: pre;">Other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 47.34pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 68.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.98%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 68.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 4.24%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.87pt; position: var(--position); text-decoration: none; white-space: pre;">138<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 165pt; position: var(--position); top: 83.25pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.54pt;"></span></span><span style="left: 34.17pt; position: var(--position);">19,217,768<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 333.75pt; position: var(--position); top: 83.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.39%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 83.25pt; width: 78.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.33pt; position: var(--position); text-decoration: none; white-space: pre;">+ 3.70%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 180.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 5.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 192.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.84pt;">We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 468pt;">flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 215.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.94pt;">differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.94pt;">These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 238.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 97.34pt;">equivalent interest rates.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.84pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.87pt;">In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 261.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 309.25pt;">origination costs, and purchase discounts, as well as the accrual of exit fees. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 394.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 158.67pt;">Excludes loans accounted for under the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 273pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 182.01pt;">cost-recovery and nonaccrual methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.51pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 284.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 319.73pt;">Includes floating rate loans indexed to STIBOR, CORRA, BBSY, and SARON <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.29pt;">indices<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.52pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">60<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_130"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 218.47pt;">The charts below detail the geographic distribution a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 234.17pt;">nd types of properties securing our loan portfolio, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 42.21pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;">:<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 16pt; position: var(--position); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 16pt; font-style: normal; font-weight: normal; left: 87.11pt; position: var(--position); text-decoration: none; white-space: pre;">Geographic Diversification<span style="display: inline-block; height: 11.09pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 115.89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.41pt; position: var(--position); text-decoration: none; white-space: pre;">(Net Loan Exposure)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 212.76999999999998pt; position: var(--position); text-decoration: none; top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div><div style="line-height: 0pt; position: var(--position); top: 127.39pt; width: 612pt;"><div style="left: 24.38pt; position: var(--position); top: 0pt;"><div style="position: var(--position);"><img src="bxmt-20250331_g2.gif" alt="169" style="height: 300pt; width: 300pt;"/></div></div></div><div style="font-size: 16pt; line-height: 16pt; position: var(--position); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 16pt; font-style: normal; font-weight: normal; left: 356.14pt; position: var(--position); white-space: pre;">Collateral <span style="display: inline-block; height: 11.09pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 16pt; font-style: normal; font-weight: normal; left: 423.19pt; position: var(--position); text-decoration: none; white-space: pre;">Diversification<span style="display: inline-block; height: 11.09pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 115.89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.87pt; position: var(--position); white-space: pre;">(Net Loan Exposure)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 472.23pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div><div style="line-height: 0pt; position: var(--position); top: 127.39pt; width: 612pt;"><div style="left: 287.63pt; position: var(--position); top: 0pt;"><div style="position: var(--position);"><img src="bxmt-20250331_g3.gif" alt="223" style="height: 300pt; width: 300pt;"/></div></div></div><div style="position: absolute; top: 432.39pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_133"></div><div style="line-height: 12pt; position: var(--position); top: 432.39pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">______________<span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 400.56pt;">Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.76pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.8199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 463.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 167.72pt;">which is our principal balance net of (i) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$494.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.99pt; position: var(--position); white-space: pre; width: 111.12pt;"> of asset-specific debt, (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$117.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.88pt; position: var(--position); white-space: pre; width: 69.54pt;"> of cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 243.59pt;">proceeds, (iii) our total loans receivable CECL reserve of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$741.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.3pt; position: var(--position); white-space: pre; width: 42.94pt;">, and (iv) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$101.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.45pt; position: var(--position); white-space: pre; width: 3.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.12pt;">of junior loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 486.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.91pt;">interests that we have sold, but that remain included in our consolidated financial statements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.41pt; position: var(--position); white-space: pre; width: 96.99pt;">. Our asset-specific debt<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.97pt;">and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 393.41pt;">Geographic locations that represent less than 1% of net loan exposure are excluded from the chart.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.91pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 521.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">Assets with multiple components are proportioned into the relevant collateral types based on the allocated value of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 532.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 80.12pt;">each collateral type.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 550.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 359.37pt;">Refer to section VI of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 417.87pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 579.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Portfolio Management <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 597.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 24.84pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.98pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.32pt; position: var(--position); white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 149.82pt; position: var(--position); white-space: pre; width: 2.7pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.51999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;">95%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.85pt; position: var(--position); white-space: pre; width: 347.04pt;"> of our loans were performing with risk ratings of &#8220;1&#8221; through &#8220;4,&#8221; and the remaining <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 517.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.33pt;">5%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 531.22pt; position: var(--position); white-space: pre; width: 22.11pt;"> were<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 608.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 149.94pt;">impaired with a risk rating of &#8220;5.&#8221; O<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.68pt;">f the performing loans, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;">99.2%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 330.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 118.98pt;">, based on net loan exposure,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.93pt; position: var(--position); white-space: pre; width: 103.57pt;"> were in compliance with<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 620.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">the applicable contractual terms. We believe this demonstrates the overall strength of our loan portfolio and the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 631.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">commitment and financial wherewithal of our borrowers generally, which are primarily affiliated with large real estate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 643.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 326.3pt;">private equity funds and other strong, well-capitalized, and experienced sponsors.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 660.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 672.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 683.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">from our long-standing core business model of originating senior loans collateralized by large assets in major markets with<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 695.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 706.69pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 718.19pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 108.66pt;">certain investments. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.5pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 231.66pt; position: var(--position); white-space: pre; width: 91.63pt;">, we had an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 323.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.31pt;">$555.4&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 382.6pt; position: var(--position); white-space: pre; width: 160.84pt;"> asset-specific CECL reserve related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 543.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">61<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 270.82pt;">of our loans receivable, with an aggregate amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.69pt;">$1.5&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 376.01pt; position: var(--position); white-space: pre; width: 177.35pt;">, net of cost-recovery proceeds. This CECL<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 453.15pt;">reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.73pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 344.1pt;">advantages derived from our position as part of Blackstone&#8217;s real estate platform. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 402.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.82pt;">Blackstone&#8217;s real estate group is the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 365.05pt;">largest owner of commercial real estate globally with over 12,500 commercial assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.55pt; position: var(--position); white-space: pre; width: 129.95pt;"> and a proven track record of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 89.06pt;">stress and uncertainty.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.56pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 69.57pt;">As discussed in <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.55pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 156.62pt; position: var(--position); white-space: pre; width: 396.83pt;"> to our consolidated financial statements, we perform a quarterly review of our loan portfolio,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">assesses the performance of each loan, and assigns it a risk rating between &#8220;1&#8221; and &#8220;5&#8221;, from less risk to greater risk. Our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 208.65pt;">loan portfolio had a weighted-average risk rating of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.5pt;">3.0<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.65pt; position: var(--position); white-space: pre; width: 44.42pt;"> as of both <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 324.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.65pt; position: var(--position); white-space: pre; width: 19.43pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 407.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 485.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.25pt;">, respectively<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 538.87pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 251pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.58pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 262.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 276.3pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 494.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 200.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 104.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 104.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="5" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 0pt; width: 291pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 291pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 118.95pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 200.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 38.63pt; position: var(--position); text-decoration: none; white-space: pre;">Risk Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 12.75pt; width: 75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.52pt; position: var(--position); text-decoration: none; white-space: pre;">Number of Loans<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 12.75pt; width: 104.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.26pt; position: var(--position); text-decoration: none; white-space: pre;">Net Book Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 12.75pt; width: 104.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 104.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.01pt; position: var(--position); white-space: pre;">Net Loan Exposure<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 82.18pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.63pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 25.5pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.5pt; position: var(--position); text-decoration: none; white-space: pre;">10<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 25.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 60.04pt;"></span></span><span style="left: 67.67pt; position: var(--position);">562,331<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 25.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 60.04pt;"></span></span><span style="left: 67.67pt; position: var(--position);">561,866<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 40.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.63pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 40.5pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.5pt; position: var(--position); text-decoration: none; white-space: pre;">20<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 40.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 57.54pt;"></span></span><span style="left: 60.17pt; position: var(--position);">3,324,353<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 40.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 57.54pt;"></span></span><span style="left: 60.17pt; position: var(--position);">3,324,516<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 55.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.63pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 55.5pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.5pt; position: var(--position); text-decoration: none; white-space: pre;">75<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 55.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.54pt;"></span></span><span style="left: 55.17pt; position: var(--position);">10,728,778<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 55.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 52.54pt;"></span></span><span style="left: 55.17pt; position: var(--position);">10,093,832<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.63pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 70.5pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.5pt; position: var(--position); text-decoration: none; white-space: pre;">20<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 70.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 57.54pt;"></span></span><span style="left: 60.17pt; position: var(--position);">2,912,484<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 70.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 57.54pt;"></span></span><span style="left: 60.17pt; position: var(--position);">2,813,943<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 85.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.63pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 85.5pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.5pt; position: var(--position); text-decoration: none; white-space: pre;">13<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 85.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 57.54pt;"></span></span><span style="left: 60.17pt; position: var(--position);">1,521,766<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 85.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 65.04pt;"></span></span><span style="left: 67.67pt; position: var(--position);">969,175<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 100.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 203.25pt; position: var(--position); top: 100.5pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30pt; position: var(--position); text-decoration: none; white-space: pre;">138<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 100.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 47.54pt;"></span></span><span style="left: 55.17pt; position: var(--position);">19,049,712<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 390pt; position: var(--position); top: 100.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 47.54pt;"></span></span><span style="left: 55.17pt; position: var(--position);">17,763,332<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 115.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 115.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 62.46pt; position: var(--position); text-decoration: none; white-space: pre;">(741,541)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 130.5pt; width: 200.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 200.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Loans receivable, net<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 282pt; position: var(--position); top: 130.5pt; width: 104.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 104.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 47.54pt;"></span></span><span style="left: 55.17pt; position: var(--position);">18,308,171<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 426.8pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 400.56pt;">Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.76pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.8199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 448.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 167.72pt;">which is our principal balance net of (i) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$494.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 312.99pt; position: var(--position); white-space: pre; width: 111.12pt;"> of asset-specific debt, (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 424.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.77pt;">$117.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.88pt; position: var(--position); white-space: pre; width: 69.54pt;"> of cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 459.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 243.59pt;">proceeds, (iii) our total loans receivable CECL reserve of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$741.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.3pt; position: var(--position); white-space: pre; width: 42.94pt;">, and (iv) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.21pt;">$101.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.45pt; position: var(--position); white-space: pre; width: 3.86pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 57.12pt;">of junior loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 471.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 370.91pt;">interests that we have sold, but that remain included in our consolidated financial statements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.41pt; position: var(--position); white-space: pre; width: 96.99pt;">. Our asset-specific debt<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 482.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 452.76pt;">and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 512.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Current Expected Credit Loss Reserve <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 541.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">receivable included in our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 552.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.83pt;">CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 575.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 138.69pt;">capital, or other mitigating factors.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 599.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.32pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.87pt; position: var(--position); white-space: pre; width: 2.9pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.15pt; position: var(--position); white-space: pre; width: 80.23pt;">, we recorded a net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 331.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.09pt; position: var(--position); white-space: pre; width: 14.13pt;"> of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.25pt;">$49.4&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.47pt; position: var(--position); white-space: pre; width: 121.01pt;"> in the CECL reserves against<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 610.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 203.43pt;">our loans receivable portfolio, primarily due to a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 261.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.69pt;">$32.9&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.62pt; position: var(--position); white-space: pre; width: 3.34pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.67pt; position: var(--position); white-space: pre; width: 200.66pt;"> in our general CECL reserves, offset by charge-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 127.49pt;">offs of our CECL reserves of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.3pt;">$41.8&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 241.29pt; position: var(--position); white-space: pre; width: 227.23pt;">, bringing our total loans receivable CECL reserve to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.3pt;">$741.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.8199999999999pt; position: var(--position); white-space: pre; width: 24.55pt;"> as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 633.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.46pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.96pt; position: var(--position); white-space: pre; width: 26.14pt;">. This <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.81pt; position: var(--position); white-space: pre; width: 240pt;"> in our general CECL reserves was primarily as a result of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 131.66pt;">a change in the portfolio mix, as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 645.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 373.44pt;">loan repayments were offset by new originations, as well as changes in the historical loss rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 431.94pt; position: var(--position); white-space: pre; width: 121.53pt;">. Additionally, we recorded an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 656.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 277.94pt;">increase in our asset-specific CECL reserves, primarily as a result of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 336.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 350.87pt; position: var(--position); white-space: pre; width: 202.61pt;"> additional loan that was impaired during the three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 668.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 59.39pt;">months ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.57pt; position: var(--position); white-space: pre; width: 158.95pt;">, which was secured by an office asset.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.87pt;"> The office sector is generally facing reduced tenant<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 679.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">and capital markets demand in recent years. Impairments are each determined individually as a result of changes in the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 691.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 702.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 714.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 335.01pt;">borrower&#8217;s ability to pay the contractual amounts due under the terms of the loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 393.51pt; position: var(--position); white-space: pre; width: 159.95pt;"> The income accrual was suspended on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 725.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 14.76pt;">the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.69pt; position: var(--position); white-space: pre; width: 220.36pt;"> loan that was impaired during the three months ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 308.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.75pt; position: var(--position); white-space: pre; width: 181.65pt;">, as the recovery of income and principal was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">62<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 169.64pt;">doubtful. During the three months ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.08pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.22pt; position: var(--position); white-space: pre; width: 58.85pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.6pt;">$2.8&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.67pt; position: var(--position); white-space: pre; width: 130.75pt;"> of interest income on this loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 532.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.01pt;"> This<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.21000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 262.94pt;"> in the CECL reserves was partially offset by a resolution and a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 354.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.42pt;">$41.8&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 144.92pt;"> charge-off of the CECL reserve on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 480.56pt;"> previously impaired loan. The resolution was the result of an acquisition of title through a deed-in-lieu of foreclosure<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">transaction related to an office property located in Chicago, IL, which is now included on our consolidated balance sheet as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.32pt;">an REO asset.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 28.7pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.84pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.04000000000002pt; position: var(--position); white-space: pre; width: 99.98pt;">, we had an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.98pt;">$555.4&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316pt; position: var(--position); white-space: pre; width: 170.86pt;"> asset-specific CECL reserve related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.86pt; position: var(--position); white-space: pre; width: 56.64pt;"> of our loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 219.46pt;">receivable, with an aggregate amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 277.96000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.78pt;">$1.5&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 324.74pt; position: var(--position); white-space: pre; width: 228.67pt;">, net of cost-recovery proceeds. This CECL reserve was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 410.75pt;">recorded based on our estimation of the fair value of each of the loan's underlying collateral as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 469.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.8pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.05pt; position: var(--position); white-space: pre; width: 6.11pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 541.1600000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.22pt;">No<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 442.36pt;">income was recorded on our impaired loans subsequent to determining that they were impaired. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.64pt;">three months<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.86pt;">ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.36pt; position: var(--position); white-space: pre; width: 3.4pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.14pt; position: var(--position); white-space: pre; width: 113.22pt;">, we received an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 264.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.75pt;">$18.9&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.11pt; position: var(--position); white-space: pre; width: 234.36pt;"> of cash proceeds from such loans that were applied as a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 243pt;">reduction to the amortized cost basis of each respective loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 28.74pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.88pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.12pt; position: var(--position); white-space: pre; width: 7.15pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 162.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.7pt; position: var(--position); white-space: pre; width: 250.38pt;"> of our performing loans with an amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 427.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 61pt;">$195.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.08pt; position: var(--position); white-space: pre; width: 65.27pt;">, inclusive of a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.94pt;">$50.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.44pt; position: var(--position); white-space: pre; width: 128.65pt;"> junior loan participation sold, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 311.31pt;">was past its current maturity date, was greater than 90 days past due on its<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">interest payment, and had a risk rating of &#8220;3.&#8221; This loan was not impaired as of March 31, 2025 as the estimated fair value<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">of the underlying collateral exceeded our basis in the loan. As of March 31, 2025, all other borrowers under performing<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 250.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.89pt;">interest.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.39pt; position: var(--position); white-space: pre; width: 44.98pt;"> Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.43pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 164.8pt; position: var(--position); white-space: pre; width: 388.63pt;"> to our consolidated financial statements for further discussion of our policies on revenue<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 273.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 144.01pt;">recognition and our CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 303pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Real Estate Owned <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">As part of our portfolio management strategy to maximize economic outcomes, we may hold certain real estate owned, or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">REO, investments resulting from us acquiring title to or taking control of a loan&#8217;s underlying real estate collateral. As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.08pt; position: var(--position); white-space: pre; width: 36.08pt;">, we had <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.97pt;">eight<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.13pt; position: var(--position); white-space: pre; width: 195.04pt;"> REO assets with an aggregate carrying value of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.17pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$640.4 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.02pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 373pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Multifamily Joint Venture <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 390.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 26.04pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.53999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.18pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.72pt; position: var(--position); white-space: pre; width: 155.98pt;">, our multifamily joint venture held a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.65pt;">$43.3&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.5pt;"> loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 380.85pt; position: var(--position); white-space: pre; width: 172.65pt;">, which is included in the loan disclosures<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 402pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 55.13pt;">above. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.8pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 178.43pt; position: var(--position); white-space: pre; width: 178.31pt;">, our Multifamily Joint Venture also held a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.46pt;">$32.3&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 411.2pt; position: var(--position); white-space: pre; width: 87.39pt;"> REO asset. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 498.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.53pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 526.12pt; position: var(--position); white-space: pre; width: 27.32pt;"> to our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 413.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 365.39pt;">consolidated financial statements for additional discussion of our multifamily joint venture.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.89pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 443pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 460.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 208.81pt;">In the second quarter of 2024, we entered into our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.61pt;">Agency Multifamily Lending Partnership<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.92pt; position: var(--position); white-space: pre; width: 118.43pt;"> that allows our borrowers to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">access multifamily agency financing through MTRCC&#8217;s Fannie Mae DUS and Freddie Mac Optigo lending platforms. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 483.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 495pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 297.89pt;">that we refer to MTRCC for origination under the Fannie Mae program. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.84pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 403.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.57pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 482.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.16pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 485.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.9pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 518pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.42pt;">we did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 87.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;">not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 100.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.78pt;"> refer any <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.09pt;">loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 162.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.24pt;"> to MTRCC.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 547.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Net Lease Joint Venture<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 565pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 210.39pt;">In the fourth quarter of 2024, we entered into our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.23pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 369.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 184.34pt;"> with another Blackstone-advised investment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">vehicle to invest in triple net lease properties, which is recorded on our consolidated balance sheets as an investment in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 588pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.94pt;">unconsolidated entities. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 245.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 204.36pt;">, our investment in unconsolidated entities totaled <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.27pt;">$29.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 504.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.86pt;">. During the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 599.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.31pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.53pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.74pt;"> we contributed <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 267.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.88pt;">$25.6&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 321.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 98.69pt;"> to the joint venture, did <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;">not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 120.26pt;"> receive any distributions, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 611pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.38pt;">recorded an <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$874,000<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 315.49pt;"> loss from unconsolidated entities in our consolidated statements of operations.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">63<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Portfolio Financing<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">Our portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 144.88pt;">portfolio financing ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 324.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 83.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 83.25pt;"/></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 324.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 324.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 324.75pt; position: var(--position); top: 0pt; width: 170.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 170.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 51.93pt; position: var(--position); white-space: pre;">Portfolio Financing<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 170.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 32.5pt; position: var(--position); white-space: pre;">Outstanding Principal Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21.75pt; width: 324.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 324.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 324.75pt; position: var(--position); top: 21.75pt; width: 83.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 21.75pt; width: 83.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.31pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 324.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 324.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Secured debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 324.75pt; position: var(--position); top: 34.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.54pt;"></span></span><span style="left: 34.17pt; position: var(--position);">10,011,541<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 34.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">9,705,529<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 324.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 324.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Securitizations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 324.75pt; position: var(--position); top: 49.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">2,569,979<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 49.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">1,936,967<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 324.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 324.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Asset-specific debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 324.75pt; position: var(--position); top: 64.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 44.04pt;"></span></span><span style="left: 46.67pt; position: var(--position);">494,081<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 64.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.54pt;"></span></span><span style="left: 39.17pt; position: var(--position);">1,228,110<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 324.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 324.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total portfolio financing<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 324.75pt; position: var(--position); top: 79.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.54pt;"></span></span><span style="left: 34.17pt; position: var(--position);">13,075,601<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 411.75pt; position: var(--position); top: 79.5pt; width: 83.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 83.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.54pt;"></span></span><span style="left: 34.17pt; position: var(--position);">12,870,606<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 218pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 57.44pt;">Secured Debt<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 235.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 409.04pt;">The following table details our secured credit facilities by spread over the applicable base rates as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 467.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.22pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 531.76pt; position: var(--position); white-space: pre; width: 21.74pt;"> ($ in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 247pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.08pt;">thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.58pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 258.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 107.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 79.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 54.75pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 0pt; width: 79.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.37pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.34pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="11" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 0pt; width: 301.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 301.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 124.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 32.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 107.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.49pt; width: 107.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Spread<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 27.05pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 21pt; width: 79.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 79.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.52pt; position: var(--position); white-space: pre;">New Financings<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 63.91pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 21pt; width: 57.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.77pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.89pt; position: var(--position); white-space: pre;">Borrowings<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.94pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.61pt; position: var(--position); white-space: pre;">All-in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.51pt; position: var(--position); white-space: pre;">Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 26.049999999999997pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(3)(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 21pt; width: 57.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 57.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.75pt; position: var(--position); white-space: pre;">Collateral<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.94pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.24pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.94pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.61pt; position: var(--position); white-space: pre;">All-in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.21pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.41pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 21pt; width: 54.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 14.43pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.07pt; position: var(--position); white-space: pre;">Net Interest<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.62pt; width: 54.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.46pt; position: var(--position); white-space: pre;"> Margin<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 38.22pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 53.25pt; width: 107.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 107.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">+ <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.760000000000002pt; position: var(--position); text-decoration: none; white-space: pre;">1.50%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.59pt; position: var(--position); white-space: pre;"> or less <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 53.25pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.29pt;"></span></span><span style="left: 42.92pt; position: var(--position);">332,431<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 53.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">4,070,890<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.52<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 53.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 6.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">6,215,254<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+3.19<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 53.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.67<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 68.25pt; width: 107.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 107.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">+ <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.760000000000002pt; position: var(--position); text-decoration: none; white-space: pre;">1.51%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.59pt; position: var(--position); white-space: pre;"> to + <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.49pt; position: var(--position); text-decoration: none; white-space: pre;">1.75%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 68.25pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 40.29pt;"></span></span><span style="left: 42.92pt; position: var(--position);">315,623<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 68.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">2,598,070<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.77<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 68.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">3,391,195<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+3.43<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 68.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.66<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 107.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 107.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">+ <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.760000000000002pt; position: var(--position); text-decoration: none; white-space: pre;">1.76%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.59pt; position: var(--position); white-space: pre;"> to + <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.49pt; position: var(--position); text-decoration: none; white-space: pre;">2.00%<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 83.25pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 62.79pt;"></span></span><span style="left: 65.42pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 83.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 18.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);">952,714<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+2.09<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 83.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">1,751,216<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+3.70<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 83.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.61<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 98.25pt; width: 107.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 107.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">+ <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.760000000000002pt; position: var(--position); text-decoration: none; white-space: pre;">2.01%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.59pt; position: var(--position); white-space: pre;"> or more<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 98.25pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.29pt;"></span></span><span style="left: 47.92pt; position: var(--position);">84,305<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 98.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">2,389,867<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+2.61<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 98.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 11.04pt;"></span></span><span style="left: 13.669999999999998pt; position: var(--position);">3,421,739<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+4.27<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 98.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.66<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 113.25pt; width: 107.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 107.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 110.25pt; position: var(--position); top: 113.25pt; width: 79.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 79.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.29pt;"></span></span><span style="left: 42.92pt; position: var(--position);">732,359<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 193.5pt; position: var(--position); top: 113.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 1.04pt;"></span></span><span style="left: 8.67pt; position: var(--position);">10,011,541<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 254.25pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.90<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 316.5pt; position: var(--position); top: 113.25pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 1.04pt;"></span></span><span style="left: 8.67pt; position: var(--position);">14,779,404<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 378pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+3.55<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-right: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-left: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 440.25pt; position: var(--position); top: 113.25pt; width: 54.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 54.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 19.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 19.21pt; position: var(--position);">+1.65<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 45.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 392.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 404.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 415.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 278.92pt;">SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 427.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.19pt;">Represents the amount of new borrowings we closed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.69pt; position: var(--position); white-space: pre; width: 45.8pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.74pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.82pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 438.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.87pt;">In addition to spread, the cost includes the associated deferred fees and expenses related to the respective<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 450.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 461.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.93pt;">fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 473.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.33pt;">accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 484.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 207.3pt;">Represents the weighted-average all-in cost as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.14pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 358.94pt; position: var(--position); white-space: pre; width: 194.45pt;"> and is not necessarily indicative of the spread<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 496.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 165.92pt;">applicable to recent or future borrowings.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 507.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 434.38pt;">Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 519.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 406.62pt;">Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">64<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 63.26pt;">Securitizations<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The following table details<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 461.97pt;">our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 520.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 106pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 171.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 171.75pt; position: var(--position); top: 0pt; width: 323.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 323.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 135.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 171.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Securitized Debt Obligations<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 18.97pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.86pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.08pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.8pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.74pt; position: var(--position); white-space: pre;">Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.99pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.6pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 36.58pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 12.75pt; width: 59.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.19pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 59.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.58pt; position: var(--position); white-space: pre;"> Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.54pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 12.75pt; width: 71.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 71.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.05pt; position: var(--position); white-space: pre;">Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 42.14pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2025 FL5 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">831,250<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">821,167<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 49.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 2.08<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 49.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.94pt; position: var(--position); text-decoration: none; white-space: pre;">October 2042<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 64.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">19<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 12.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);">1,000,000<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 12.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);">1,000,000<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 64.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 3.41<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 64.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.46pt; position: var(--position); text-decoration: none; white-space: pre;">July 2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 79.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2021 FL4 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 79.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 79.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 94.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">670,149<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">670,149<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 94.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 1.42<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 94.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.8pt; position: var(--position); text-decoration: none; white-space: pre;">May 2038<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 109.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">22<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">849,996<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">849,996<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 109.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 2.90<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 109.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.94pt; position: var(--position); text-decoration: none; white-space: pre;">October 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 124.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2020 FL3 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 139.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">469,730<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">469,730<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 139.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 2.44<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 139.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.94pt; position: var(--position); text-decoration: none; white-space: pre;">November 2037<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 154.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">12<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">637,509<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">637,509<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 154.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 3.04<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 154.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 5.08pt; position: var(--position); text-decoration: none; white-space: pre;">December 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 169.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">2020 FL2 Collateralized Loan Obligation<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 184.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">598,850<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">598,850<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 184.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 1.65<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 184.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.04pt; position: var(--position); text-decoration: none; white-space: pre;">February 2038<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 199.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">12<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">831,395<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 20.04pt;"></span></span><span style="left: 22.669999999999998pt; position: var(--position);">831,395<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 199.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 3.27<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 423.75pt; position: var(--position); top: 199.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.94pt; position: var(--position); text-decoration: none; white-space: pre;">October 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 214.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 229.5pt; width: 171.75pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Senior CLO Securities Outstanding<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Arial', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 161.8pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);">2,569,979<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);">2,559,896<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 229.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 1.88<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 244.5pt; width: 171.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 171.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Underlying Collateral Assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 174.75pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.62pt; position: var(--position); text-decoration: none; white-space: pre;">65<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 237pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);">3,318,900<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 299.25pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 7.54pt;"></span></span><span style="left: 15.169999999999998pt; position: var(--position);">3,318,900<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 244.5pt; width: 59.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 59.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 21.21pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 21.21pt; position: var(--position);">+ 3.31<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 50.17pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); top: 371.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 381.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.88pt;">The book value of underlying collateral assets excludes any applicable CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 393pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.87pt;">In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 404.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 247.21pt;">origination costs, purchase discounts, and accrual of exit fees.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 416pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 346.95pt;">The weighted-average all-in yield and cost are expressed as a spread over SOFR<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.45pt; position: var(--position); white-space: pre; width: 7.14pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 439.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 113.79pt;">All-in yield excludes loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 427.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 349.33pt;">accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 439pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.94pt;">Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 450.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 462pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.85pt;">obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 473.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 211.37pt;">the rated final distribution date of the securitizations.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 485pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 49.58pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.07999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.31pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 4.53pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 221.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.64pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 289.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 62.69pt;">, we recorded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.88pt;">$27.6&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.13pt; position: var(--position); white-space: pre; width: 145.34pt;"> of interest expense related to our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 496.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 112.35pt;">securitized debt obligations.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 520pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 39.75pt;">Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 98.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.32pt;">Note 8<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.57pt; position: var(--position); white-space: pre; width: 24.23pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.32pt;">Note 20<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.12pt; position: var(--position); white-space: pre; width: 367.24pt;"> to our consolidated financial statements for additional details of our securitized debt<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 531.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.9pt;">obligations.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">65<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 82.41pt;">Asset-Specific Debt<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 140.91pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 268.85pt;">The following table details our asset-specific debt ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 327.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 3.33pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 96.8pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 147.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 63pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 63.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 63.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 63.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 147.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="10" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 147.75pt; position: var(--position); top: 0pt; width: 347.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 347.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 147.08pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 21.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 147.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Asset-Specific Debt<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 151.5pt; position: var(--position); top: 12.75pt; width: 63pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 63pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 20.84pt; position: var(--position); text-decoration: none; white-space: pre;">Count<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 218.25pt; position: var(--position); top: 12.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 63.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.11pt; position: var(--position); white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 63.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.33pt; position: var(--position); white-space: pre;"> Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 12.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 63.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.97pt; position: var(--position); white-space: pre;">Book Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.72pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 12.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.01pt; width: 63.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.44pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 63.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.86pt; position: var(--position); white-space: pre;">Yield/Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 46.82pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 12.75pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.93pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.69pt; position: var(--position); white-space: pre;">Wtd. Avg.<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 13.12pt; width: 74.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 23.55pt; position: var(--position); white-space: pre;"> Term<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 44.64pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 34.5pt; width: 147.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Financing provided<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 151.5pt; position: var(--position); top: 34.5pt; width: 63pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 218.25pt; position: var(--position); top: 34.5pt; width: 63.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 19.54pt;"></span></span><span style="left: 27.169999999999998pt; position: var(--position);">494,081<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 34.5pt; width: 63.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 19.54pt;"></span></span><span style="left: 27.169999999999998pt; position: var(--position);">492,235<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 34.5pt; width: 63.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 25.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 25.71pt; position: var(--position);">+ 3.36<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 54.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 34.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;">September 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 49.5pt; width: 147.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 147.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Collateral assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 151.5pt; position: var(--position); top: 49.5pt; width: 63pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 218.25pt; position: var(--position); top: 49.5pt; width: 63.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 19.54pt;"></span></span><span style="left: 27.169999999999998pt; position: var(--position);">611,628<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 49.5pt; width: 63.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 19.54pt;"></span></span><span style="left: 27.169999999999998pt; position: var(--position);">606,073<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 353.25pt; position: var(--position); top: 49.5pt; width: 63.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 25.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 25.71pt; position: var(--position);">+ 4.58<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 54.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 420.75pt; position: var(--position); top: 49.5pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 6.4pt; position: var(--position); text-decoration: none; white-space: pre;">September 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 167.3pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 177.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.88pt;">The book value of underlying collateral assets excludes any applicable CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 188.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 300.09pt;">The weighted-average all-in yield and cost are expressed as a spread ov<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 385.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 167.83pt;">er the relevant floating benchmark rates,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 200.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 199.98pt;">which include SOFR and CORRA, as applicable<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.98pt; position: var(--position); white-space: pre; width: 265.37pt;"> These floating rate loans and related liabilities are currency and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 211.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 223.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 294.63pt;">includes the amortization of deferred origination fees and financing costs.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 234.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.94pt;">The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 246.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.98pt;">extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 147.87pt;">to the corresponding collateral loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 287.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 89.65pt;">Corporate Financing<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 148.15pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 304.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 322.44pt;">The following table details our outstanding corporate financing ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 380.94pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 316.3pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 3.33pt;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 330.1pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 335.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/></tr><tr style="height: 21pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 335.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 0pt; width: 159.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.37pt; width: 159.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 44.02pt; position: var(--position); text-decoration: none; white-space: pre;">Corporate Financing<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.37pt; width: 159.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 27.25pt; position: var(--position); text-decoration: none; white-space: pre;">Outstanding Principal Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 21pt; width: 335.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 21pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.45pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 21pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.69pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 33.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Term loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 33.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">1,760,748<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 33.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">1,764,437<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 48.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 48.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">785,316<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 48.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">785,316<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Convertible notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 63.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">266,157<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 63.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.79pt;"></span></span><span style="left: 41.42pt; position: var(--position);">266,157<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 78.75pt; width: 335.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total corporate financing<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 78.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">2,812,221<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 78.75pt; width: 78pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">2,815,910<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">66<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding senior secured notes,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 330.23pt;">or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 388.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.31pt; position: var(--position); white-space: pre; width: 69.68pt;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 160.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 9.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 9.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 90pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 160.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Corporate Financing<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.89pt; position: var(--position); text-decoration: none; white-space: pre;">Face Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.54pt; position: var(--position); white-space: pre;">Interest Rate<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 54.15pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 69.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.28pt; position: var(--position); white-space: pre;">All-in Cost<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 47.35pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 0pt; width: 90pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); text-decoration: none; white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Term Loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">B-1 Term Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">309,268<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ 2.36<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 27.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ 2.53<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 27.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.78pt; position: var(--position); text-decoration: none; white-space: pre;">April 23, 2026<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">B-4 Term Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 42.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">803,105<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 42.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ 3.50<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 42.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ 4.11<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 42.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.55pt; position: var(--position); text-decoration: none; white-space: pre;">May 9, 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">B-5 Term Loan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 57.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">648,375<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 57.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ 3.75<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 57.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 31.71pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 31.71pt; position: var(--position);">+ 4.27<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 57.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.83pt; position: var(--position); text-decoration: none; white-space: pre;">December 10, 2028<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total term loans<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 72.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">1,760,748<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Senior Secured Notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">October 2021<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 102.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">335,316<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 102.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);">3.75<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 102.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);">4.06<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 102.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.79pt; position: var(--position); text-decoration: none; white-space: pre;">January 15, 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">December 2024<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 117.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">450,000<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 117.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);">7.75<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 313.5pt; position: var(--position); top: 117.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 117.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);">8.14<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 117.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.83pt; position: var(--position); text-decoration: none; white-space: pre;">December 1, 2029<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total senior secured notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 132.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">785,316<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Convertible Notes<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 162.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Convertible Notes<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 75.6pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 162.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.54pt;"></span></span><span style="left: 33.17pt; position: var(--position);">266,157<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 162.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);">5.50<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 325.5pt; position: var(--position); top: 162.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 39.84pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt;"></span></span><span style="left: 39.84pt; position: var(--position);">5.79<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span><span style="left: 60.67pt; position: var(--position);">%<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 405pt; position: var(--position); top: 162.75pt; width: 90pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 90pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.79pt; position: var(--position); text-decoration: none; white-space: pre;">March 15, 2027<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 177.75pt; width: 160.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 160.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total corporate financings<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 164.25pt; position: var(--position); top: 177.75pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 18.04pt;"></span></span><span style="left: 25.669999999999998pt; position: var(--position);">2,812,221<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 349.16pt;">The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.66pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;">0.50%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.49pt; position: var(--position); white-space: pre; width: 6.67pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 467.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 86.28pt;">The Term Loans are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 309.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 115.2pt;">indexed to one-month SOFR<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.7pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">Includes issue discounts, transaction expenses, and/or issuance costs, as applicable, that are amortized through<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 232.16pt;">interest expense over the life of each respective financing.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.83pt;">Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 355.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 275.02pt;">our fixed rate exposure to a SOFR + 3.95% floating rate exposure.<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.52pt; position: var(--position); white-space: pre; width: 40pt;"> Refer to <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 400.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.77pt;">Note&#160;12<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: 'Arial', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.29pt; position: var(--position); white-space: pre; width: 3.62pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 436.91pt; position: var(--position); white-space: pre; width: 116.57pt;">to our consolidated financial<span style="display: inline-block; height: 7.28pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 7.28pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 366.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 150.92pt;">statements for additional information.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 236.42pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 378.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 203.72pt;">The conversion price of the Convertible Notes is <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 289.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$36.27<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.72pt; position: var(--position); white-space: pre; width: 236.76pt;">, which represents the price of class A common stock per<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 389.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 157.18pt;">share based on a conversion rate of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.5pt;">27.5702<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.18pt; position: var(--position); white-space: pre; width: 278.27pt;">. The conversion rate represents the number of shares of class A<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 401.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.97pt;">common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 412.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 12.77pt;">not<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 98.27pt; position: var(--position); white-space: pre; width: 85.16pt;"> been exceeded as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 247.01pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 36.63pt;">Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.76pt;">Note 2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.89pt; position: var(--position); white-space: pre; width: 5.84pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.73000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.76pt;">Note 11<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 161.49pt; position: var(--position); white-space: pre; width: 5.84pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 167.32999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.76pt;">Note&#160;12<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.09pt; position: var(--position); white-space: pre; width: 23.61pt;">, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.76pt;">Note 13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.46000000000004pt; position: var(--position); white-space: pre; width: 296.97pt;"> to our consolidated financial statements for additional discussion of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 447.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 237.53pt;">Term Loans, Senior Secured Notes, and Convertible Notes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 477.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Floating Rate Portfolio<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 494.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 129.4pt;">will decrease net income. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.9pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.8pt; position: var(--position); white-space: pre; width: 5.16pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.96000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 197.82pt;">substantially all of our loans by principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 454.78pt; position: var(--position); white-space: pre; width: 98.71pt;"> earned a floating rate of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 517.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.82pt;">interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 490.46pt;">positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 548.96pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 552.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 463.02pt;">in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 521.52pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">67<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 391.44pt;">The following table details our investment portfolio&#8217;s exposure to interest rates by currency as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.72pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.6600000000001pt; position: var(--position); white-space: pre; width: 39.76pt;"> (amounts<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 56.35pt;">in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.85pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 77pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 480pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 210pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 210pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 210pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 210pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.63pt; position: var(--position); white-space: pre;">USD<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 40.61pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.41pt; position: var(--position); white-space: pre;">GBP<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 40.84pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.19pt; position: var(--position); white-space: pre;">EUR<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 41.06pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 0pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 65.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 13.28pt; position: var(--position); white-space: pre;">All Other<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 45.910000000000004pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 210pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 210pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Floating rate loans<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 76.97999999999999pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)(3)(4)(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 210pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);">9,989,021<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);">2,248,036<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);">2,222,792<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 12.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 13.54pt;"></span></span><span style="left: 21.169999999999998pt; position: var(--position);">2,015,401<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 210pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 210pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Floating rate portfolio financings<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 134.98pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)(4)(6)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 210pt; position: var(--position); top: 27.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.21pt;"></span></span><span style="left: 17.84pt; position: var(--position);">(7,398,825)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 27.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.21pt;"></span></span><span style="left: 17.84pt; position: var(--position);">(1,781,834)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 27.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.21pt;"></span></span><span style="left: 17.84pt; position: var(--position);">(1,625,280)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 27.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.21pt;"></span></span><span style="left: 17.84pt; position: var(--position);">(1,617,099)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 210pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 210pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Floating rate corporate financings<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 137.73pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(7)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 210pt; position: var(--position); top: 42.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 15.21pt;"></span></span><span style="left: 17.84pt; position: var(--position);">(2,210,747)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 42.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 42.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 42.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.54pt;"></span></span><span style="left: 51.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 210pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 210pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Net floating rate exposure<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 210pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">379,449<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">466,202<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">597,512<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">398,302<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 210pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 210pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Net floating rate exposure in USD<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 156.8pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(8)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 210pt; position: var(--position); top: 72.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">379,449<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 278.25pt; position: var(--position); top: 72.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">602,240<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 72.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">646,270<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 414.75pt; position: var(--position); top: 72.75pt; width: 65.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">398,302<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 170.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 182.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 359.62pt;">Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.93pt;">Our floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 205.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 118.14pt;">relevant in each arrangement.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 39.12pt;">Excludes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">$1.5&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.7pt; position: var(--position); white-space: pre; width: 125.95pt;"> of floating rate impaired loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 41.76pt;">Excludes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.25999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.49pt;">$101.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.75pt; position: var(--position); white-space: pre; width: 151.68pt;"> of loan participations sold, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 68.86pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 409.29pt; position: var(--position); white-space: pre; width: 144.16pt;">. Our loan participations sold are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.99pt;">structurally non-recourse and term-matched to the corresponding loans, and have no impact on our net floating rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 251.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 38.58pt;">exposure.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers&#8217;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 274.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 157pt;">exposure to an increase in interest rates<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.5pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 357.91pt;">Includes amounts outstanding under secured debt, securitizations, and asset-specific debt.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(7)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 241.3pt;">Includes amounts outstanding under Term Loans and the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 326.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.21pt;">senior secured notes due 2029<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 453.01pt; position: var(--position); white-space: pre; width: 100.38pt;">. In connection with the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 66.43pt;">issuance of the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.53pt;">senior secured notes due 2029<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 278.46000000000004pt; position: var(--position); white-space: pre; width: 274.87pt;">, we entered into an interest rate swap with a notional amount of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$450.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.35pt; position: var(--position); white-space: pre; width: 343.77pt;"> to effectively convert our fixed rate exposure to floating rate exposure for such notes.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 488.12pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(8)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 172.86pt;">Represents the U.S. dollar equivalent as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 258.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 321.94pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 360.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 372.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 383.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 395.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 406.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 429.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.9pt;">guarantees or other structural protections.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 225.4pt; position: var(--position); white-space: pre; width: 48.56pt;"> During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.96000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.61pt;"><span style="background-color: inherit;">three months ended</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.68pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.94pt;"><span style="background-color: inherit;">March&#160;31, 2025</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 419.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 88pt;"><span style="background-color: inherit;">, interest rate caps on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 507.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.26pt;">$2.6&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 441.25pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 116.62pt;"><span style="background-color: inherit;">of performing loans, with a </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 175.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><span style="background-color: inherit;">3.7%</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 195.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.1pt;"><span style="background-color: inherit;"> weighted-average strike price, expired and </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 377.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.33pt;"><span style="background-color: inherit;">100%</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 400.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 153.05pt;"><span style="background-color: inherit;"> were replaced with new interest rate</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452.75pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 181.42pt;"><span style="background-color: inherit;">caps, with a weighted-average strike price of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 239.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><span style="background-color: inherit;">3.8%</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 260.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 90.43pt;"><span style="background-color: inherit;">, or interest guarantees</span><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">68<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_148"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: underline; white-space: pre;">III. Our Results of Operations <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Operating Results<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">The following table sets forth information regarding our consolidated results of operations for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.87pt; position: var(--position); text-decoration: none; white-space: pre;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 529.12pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.08pt; position: var(--position); white-space: pre;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.51pt; position: var(--position); text-decoration: none; white-space: pre;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.05pt; position: var(--position); white-space: pre;"> ($ in thousands, except per share data):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 129.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 287.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 70.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 70.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 287.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 0pt; width: 144.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 144.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 35.96pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 0pt; width: 60pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.9pt; position: var(--position); text-decoration: none; white-space: pre;">Change<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 287.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 12.75pt; width: 70.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.7pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 12.75pt; width: 70.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.94pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 12.75pt; width: 60pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28pt; position: var(--position); text-decoration: none; white-space: pre;">$<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Interest and related income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 39.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">332,057<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 39.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 26.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">386,676<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 39.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(54,619)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Less: Interest and related expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 54.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">242,233<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 54.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">285,118<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 54.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 22.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(42,885)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 69.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments, net<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 69.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">89,824<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 69.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 33.92pt; position: var(--position);">101,558<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 69.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 22.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(11,734)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 84.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Revenue from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 84.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">37,033<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 84.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">11,826<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 84.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 25.79pt;"></span></span><span style="left: 28.419999999999998pt; position: var(--position);">25,207<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 99.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Other income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 99.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.87pt; position: var(--position); text-decoration: none; white-space: pre;">90<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 99.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 45.37pt; position: var(--position); text-decoration: none; white-space: pre;">1,064<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 99.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.96pt;"></span></span><span style="left: 37.59pt; position: var(--position);">(974)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 114.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Total net revenues<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 114.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.37pt; position: var(--position); text-decoration: none; white-space: pre;">126,947<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 114.75pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.37pt; position: var(--position); text-decoration: none; white-space: pre;">114,448<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 114.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;">12,499<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 129.75pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 144pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Management and incentive fees<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 144pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">17,235<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 144pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">18,534<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 144pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 27.46pt;"></span></span><span style="left: 30.09pt; position: var(--position);">(1,299)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">General and administrative expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 159pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">12,664<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 159pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">13,111<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 159pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.96pt;"></span></span><span style="left: 37.59pt; position: var(--position);">(447)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 174pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Expenses from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 174pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">46,302<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 174pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">18,413<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 174pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 25.79pt;"></span></span><span style="left: 28.419999999999998pt; position: var(--position);">27,889<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 189pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); white-space: pre;">Other expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 189pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.79pt;"></span></span><span style="left: 56.42pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 189pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 41.29pt;"></span></span><span style="left: 43.92pt; position: var(--position);">5,663<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 189pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 27.46pt;"></span></span><span style="left: 30.09pt; position: var(--position);">(5,663)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 204pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); white-space: pre;">Total expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 204pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">76,201<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 204pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">55,721<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 204pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 25.79pt;"></span></span><span style="left: 28.419999999999998pt; position: var(--position);">20,480<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 219pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in current expected credit loss reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 219pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 32.96pt;"></span></span><span style="left: 35.59pt; position: var(--position);">(49,505)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 219pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 32.96pt;"></span></span><span style="left: 35.59pt; position: var(--position);">(19,055)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 219pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 22.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(30,450)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 234pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loss from unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 234pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 48.09pt; position: var(--position);">(874)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 234pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 37.96pt;"></span></span><span style="left: 40.59pt; position: var(--position);">(2,748)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 234pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.79pt;"></span></span><span style="left: 33.42pt; position: var(--position);">1,874<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income before income taxes<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 249pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">367<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 249pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">36,924<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 249pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 22.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(36,557)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 264pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income tax provision (benefit)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 264pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 48.79pt;"></span></span><span style="left: 51.42pt; position: var(--position);">718<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 264pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 48.09pt; position: var(--position);">(458)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 264pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 30.79pt;"></span></span><span style="left: 33.42pt; position: var(--position);">1,176<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 279pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net (loss) income<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 279pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 48.09pt; position: var(--position);">(351)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 279pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 36.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">37,382<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 279pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 22.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(37,733)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 294pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net income attributable to non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 294pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 55.46pt;"></span></span><span style="left: 58.09pt; position: var(--position);">(6)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 294pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 45.46pt;"></span></span><span style="left: 48.09pt; position: var(--position);">(192)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 294pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 38.29pt;"></span></span><span style="left: 40.92pt; position: var(--position);">186<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 309pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net (loss) income attributable to Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 309pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 40.46pt;"></span></span><span style="left: 48.09pt; position: var(--position);">(357)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 309pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 31.29pt;"></span></span><span style="left: 38.92pt; position: var(--position);">37,190<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 309pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 17.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(37,547)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 324pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net (loss) income per share of common stock, basic and diluted<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 324pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.96pt;"></span></span><span style="left: 45.59pt; position: var(--position);">(0.00)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 324pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.29pt;"></span></span><span style="left: 48.92pt; position: var(--position);">0.21<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 324pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 27.46pt;"></span></span><span style="left: 35.09pt; position: var(--position);">(0.21)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 353.25pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Weighted-average shares of common stock outstanding, basic and <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 12.63pt; position: var(--position); text-decoration: none; white-space: pre;">diluted<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 353.25pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.87pt; position: var(--position); text-decoration: none; white-space: pre;">172,004,888<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 353.25pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 17.87pt; position: var(--position); text-decoration: none; white-space: pre;">173,488,888<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 353.25pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 10.71pt; position: var(--position); text-decoration: none; white-space: pre;">(1,484,000)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 379.5pt; width: 287.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 287.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends declared per share<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 287.25pt; position: var(--position); top: 379.5pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.29pt;"></span></span><span style="left: 48.92pt; position: var(--position);">0.47<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 361.5pt; position: var(--position); top: 379.5pt; width: 70.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 70.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.29pt;"></span></span><span style="left: 48.92pt; position: var(--position);">0.47<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 379.5pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.29pt;"></span></span><span style="left: 45.92pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 540.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments, net<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 195.09pt;">Income from loans and other investments, net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.37pt;">decrease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.96000000000004pt; position: var(--position); white-space: pre; width: 8.89pt;">d <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.24pt;">$11.7 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.09pt; position: var(--position); white-space: pre; width: 49.97pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 402.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.03pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.09pt; position: var(--position); white-space: pre; width: 3.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.36pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 67.34pt;">compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.57pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.41pt; position: var(--position); white-space: pre; width: 2.66pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 207.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.86pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 285.93pt; position: var(--position); white-space: pre; width: 23.35pt;">. The <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 309.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.37pt;">decrease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.65pt; position: var(--position); white-space: pre; width: 209.66pt;"> was primarily due to (i) a decrease in the weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 207.59pt;">average principal balance of our loan portfolio by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 266.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.92pt;">$2.2&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.01pt; position: var(--position); white-space: pre; width: 48.32pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 361.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.93pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 441.26pt; position: var(--position); white-space: pre; width: 3.34pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 444.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.26pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.86pt; position: var(--position); white-space: pre; width: 43.58pt;">, and (ii) a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">decrease in average floating rate indices quarter-over-quarter. This was partially offset by a decrease in the weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 604pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 292.7pt;">average principal balance of our outstanding financing arrangements by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 351.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.45pt;">$1.5&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 397.65pt; position: var(--position); white-space: pre; width: 32.47pt;"> for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.99pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.11pt; position: var(--position); white-space: pre; width: 2.87pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 511.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.45pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); white-space: pre; width: 69.36pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.11pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 307.15pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 645pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 128.17pt;">Revenue from real estate owned<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 186.67pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 662.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 142.07pt;">Revenue from REO increased by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.35pt;">$25.2 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.92pt; position: var(--position); white-space: pre; width: 50.3pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.47pt; position: var(--position); white-space: pre; width: 4pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 458.05pt; position: var(--position); white-space: pre; width: 75.36pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 674pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.18pt;">months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.68pt; position: var(--position); white-space: pre; width: 2.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.32pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.89pt; position: var(--position); white-space: pre; width: 218.91pt;">. The increase was primarily due to the acquisition of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.66pt;">four<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 432.46pt; position: var(--position); white-space: pre; width: 120.88pt;"> additional REO assets during<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 685.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 14.93pt;">the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.71pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.14pt; position: var(--position); white-space: pre; width: 2.73pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 79pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.87pt; position: var(--position); white-space: pre; width: 40.65pt;">, with the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.71pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 353.23pt; position: var(--position); white-space: pre; width: 2.73pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.04pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420pt; position: var(--position); white-space: pre; width: 133.42pt;"> reflecting the first full quarter of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 697pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 139.25pt;">activity for these assets, as well as <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.18pt; position: var(--position); white-space: pre; width: 169.52pt;"> additional REO asset acquired during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 459.95pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 462.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 526.03pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">69<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 54.66pt;">Other income<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">Other income relates to origination, servicing, and other fees recognized in connection with our Agency Multifamily<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.96pt;">Lending Partnership.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 142.45999999999998pt; position: var(--position); white-space: pre; width: 60.1pt;"> Other income <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.37pt;">decrease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 236.93pt; position: var(--position); white-space: pre; width: 20.3pt;">d by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 257.23pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$974,000<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 294.73pt; position: var(--position); white-space: pre; width: 46.25pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 340.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.55pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 419.53pt; position: var(--position); white-space: pre; width: 2.65pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 422.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.88pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.06pt; position: var(--position); white-space: pre; width: 67.31pt;"> compared to the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 5pt;">&#160; <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.77pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.26999999999998pt; position: var(--position); white-space: pre; width: 4.26pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.06pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.59pt; position: var(--position); white-space: pre; width: 6.76pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 233.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 123pt;">as a result of the referral of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.66pt;">four<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 180.39pt;"> loans pursuant to the Agency Multifamily<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.19pt;">Lending Partnership during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.79pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.08pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 206.13pt;"> that were originated and sold by MTRCC, with no<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 158.45pt;">corresponding loan referrals during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 295.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 297.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 361.28pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 37.17pt;">Expenses<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 176pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 175.87pt;">from real estate owned, and other expenses.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.37pt; position: var(--position); white-space: pre; width: 2.68pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 237.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">Expenses <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 277.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 310.18pt; position: var(--position); white-space: pre; width: 20.36pt;">d by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 330.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.03pt;">$20.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.57pt; position: var(--position); white-space: pre; width: 46.34pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.61pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.52pt; position: var(--position); white-space: pre; width: 2.68pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.26pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 187.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); white-space: pre; width: 71.48pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.98000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.31pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 229.29pt; position: var(--position); white-space: pre; width: 3.03pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.6pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.91999999999996pt; position: var(--position); white-space: pre; width: 78.95pt;"> primarily due to a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 390.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.38pt;">$27.9&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 445.25pt; position: var(--position); white-space: pre; width: 3.03pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 448.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 480.99pt; position: var(--position); white-space: pre; width: 72.36pt;"> in expenses from<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 199pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 200.96pt;">real estate owned as a result of the acquisition of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.46000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.66pt;">four<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.12pt; position: var(--position); white-space: pre; width: 138.92pt;"> additional REO assets during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 494.09pt; position: var(--position); white-space: pre; width: 2.9pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.44pt;">December&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); white-space: pre; width: 41.13pt;">, with the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 119.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.03pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.66pt; position: var(--position); white-space: pre; width: 2.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 201.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.36pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.90999999999997pt; position: var(--position); white-space: pre; width: 287.48pt;"> representing the first full quarter of activity for these assets, as well as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 222pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 72.67pt;">the acquisition of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 131.17000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 145.6pt; position: var(--position); white-space: pre; width: 134.25pt;"> additional REO asset during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.79pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 358.64pt; position: var(--position); white-space: pre; width: 2.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 361.41pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.12pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 425.53pt; position: var(--position); white-space: pre; width: 127.87pt;">. This was partially offset by (i)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 8.29pt;">a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 66.78999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.21pt;">$5.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117pt; position: var(--position); white-space: pre; width: 436.41pt;"> decrease in other expenses, which represents a contingent liability related to the sale of a loan that was<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 82.1pt;">recorded during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.15pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 219.75pt; position: var(--position); white-space: pre; width: 2.95pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.44pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 302.14pt; position: var(--position); white-space: pre; width: 45.36pt;">, and (ii) a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.3pt;">$1.3 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 396.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.95pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 399.75pt; position: var(--position); white-space: pre; width: 153.58pt;">decrease in management fees due to a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 256.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 139.81pt;">decrease in Distributable Earnings.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.31pt; position: var(--position); white-space: pre; width: 5pt;">&#160; <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 190.31pt;">Changes in current expected credit loss reserve<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 248.81pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.36pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.09pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.95pt; position: var(--position); white-space: pre; width: 2.92pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.29pt; position: var(--position); white-space: pre; width: 65.21pt;">, we recorded a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.27pt;">$49.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.77pt; position: var(--position); white-space: pre; width: 2.92pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 406.4pt; position: var(--position); white-space: pre; width: 147.08pt;"> in our CECL reserves, as compared<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 315pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 17.6pt;">to a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.05pt;">$19.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 130.15pt; position: var(--position); white-space: pre; width: 81.81pt;">&#160;increase during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.65pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.61pt; position: var(--position); white-space: pre; width: 2.7pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.94pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 372.25pt; position: var(--position); white-space: pre; width: 102.54pt;">. The increase during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.79pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.65pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 326.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.22pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 123.72pt; position: var(--position); white-space: pre; width: 328.82pt;"> is primarily due to: (i) an increase in our general CECL reserves as a result of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.94pt;">a change in the portfolio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 338pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 437.95pt;">mix, as loan repayments were offset by new originations, as well as changes in the historical loss rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.45pt; position: var(--position); white-space: pre; width: 42.48pt;">, and (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 538.9300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 349.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 185.04pt;">additional loan that was impaired during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.99pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 323.53pt; position: var(--position); white-space: pre; width: 3.37pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 326.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.32pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.22pt; position: var(--position); white-space: pre; width: 161.19pt;">, which was secured by an office asset.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 361pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 372.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">each determined individually as a result of changes in the specific credit quality factors for such loans. These factors<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 384pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 395.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">of default, and (iv) other facts that impact the borrower&#8217;s ability to pay the contractual amounts due under the terms of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 407pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.7pt;">loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.2pt; position: var(--position); white-space: pre; width: 475.16pt;"> These increases were partially offset by a&#160;reversal of the asset-specific CECL reserve as a result of the resolution of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">one impaired loan above our carrying value, as well as a net decrease in asset-specific CECL reserves on existing impaired<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 430pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 23.59pt;">loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.09pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.86pt;"><span style="background-color: inherit;">We</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 481.05pt;"> may be required to record further increases to our CECL reserves in the future, depending on the performance of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 465pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 476.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 488pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 499.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 511pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.09pt;">such loans and to be concentrated in our loans receivable with a risk rating of &#8220;4&#8221; as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.59pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 471.67pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.17pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 540.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 134.61pt;">Loss from unconsolidated entities<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.14pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.64pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.87pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.51pt; position: var(--position); white-space: pre; width: 2.81pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.2pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 250.52pt; position: var(--position); white-space: pre; width: 69.77pt;">, we recorded an <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$874,000<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 357.79pt; position: var(--position); white-space: pre; width: 195.56pt;"> loss from unconsolidated entities compared to a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.12pt;">$2.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 108.62pt; position: var(--position); white-space: pre; width: 68.93pt;"> loss during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 177.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.79pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 258.34000000000003pt; position: var(--position); white-space: pre; width: 3.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 262.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.08pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.19pt; position: var(--position); white-space: pre; width: 210.2pt;">. This decrease was primarily due to start-up costs<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 123.74pt;">incurred during the during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.79pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 261.03pt; position: var(--position); white-space: pre; width: 2.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 263.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.08pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.88pt; position: var(--position); white-space: pre; width: 210.51pt;">, as well as income generated from new investments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 43.3pt;">during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 101.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.05pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.13pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 84.36pt;">Income tax provision<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 639.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 106.77pt;">The income tax provision <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.71pt;">increased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.98pt; position: var(--position); white-space: pre; width: 15.94pt;"> by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.92pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.32pt;">$1.2&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.24pt; position: var(--position); white-space: pre; width: 47.21pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 315.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.19pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 394.64pt; position: var(--position); white-space: pre; width: 2.97pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 397.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.52pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 462.13pt; position: var(--position); white-space: pre; width: 71.24pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 651pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.79pt;">months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.28999999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.78999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 195.33pt; position: var(--position); white-space: pre; width: 230.84pt;"> primarily due to a tax refund received in the prior period.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 81.04pt;">Dividends per share<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 139.54000000000002pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 698pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.82pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 105.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.55pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.87pt; position: var(--position); white-space: pre; width: 3.15pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 188.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.88pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 252.9pt; position: var(--position); white-space: pre; width: 115.91pt;">, we declared dividends of $<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;">0.47<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 386.31pt; position: var(--position); white-space: pre; width: 57.27pt;"> per share, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 443.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.5pt;">$80.6&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 498.08pt; position: var(--position); white-space: pre; width: 55.39pt;"> in aggregate.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 709.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 50.1pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 108.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.83pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 191.43pt; position: var(--position); white-space: pre; width: 4.79pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 196.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.12pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.34000000000003pt; position: var(--position); white-space: pre; width: 124.11pt;">, we declared dividends of $<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 403.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.5pt;">0.47<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.95pt; position: var(--position); white-space: pre; width: 63.83pt;"> per share, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.14pt;">$81.2&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.9200000000001pt; position: var(--position); white-space: pre; width: 12.56pt;"> in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 721pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 41.32pt;">aggregate.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">70<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">The following table sets forth information regarding our consolidated results of operations for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.87pt; position: var(--position); text-decoration: none; white-space: pre;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 529.12pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.08pt; position: var(--position); white-space: pre;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.51pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 161.51pt; position: var(--position); white-space: pre;"> ($ in thousands, except per share data): <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 77pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 285.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 71.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 285.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="3" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 0pt; width: 145.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 145.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.79pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 0pt; width: 60pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.9pt; position: var(--position); white-space: pre;">Change<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 285.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 12.75pt; width: 71.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 27.62pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 12.75pt; width: 71.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 27.62pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 12.75pt; width: 60pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 28pt; position: var(--position); text-decoration: none; white-space: pre;">$<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Interest and related income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 39.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 27.04pt;"></span></span><span style="left: 34.67pt; position: var(--position);">332,057<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 39.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 27.04pt;"></span></span><span style="left: 34.67pt; position: var(--position);">486,122<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 39.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 12.46pt;"></span></span><span style="left: 20.09pt; position: var(--position);">(154,065)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Less: Interest and related expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 54.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 32.04pt;"></span></span><span style="left: 34.67pt; position: var(--position);">242,233<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 54.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 32.04pt;"></span></span><span style="left: 34.67pt; position: var(--position);">343,730<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 54.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 17.46pt;"></span></span><span style="left: 20.09pt; position: var(--position);">(101,497)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 69.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Income from loans and other investments, net<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 69.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">89,824<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 69.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 32.04pt;"></span></span><span style="left: 34.67pt; position: var(--position);">142,392<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 69.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 22.46pt;"></span></span><span style="left: 25.09pt; position: var(--position);">(52,568)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 84.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Revenue from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 84.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 37.04pt;"></span></span><span style="left: 39.67pt; position: var(--position);">37,033<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 84.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 84.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;">37,033<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 99.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Other income<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 99.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">90<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 99.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 99.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 47.37pt; position: var(--position); text-decoration: none; white-space: pre;">90<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 114.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Gain on extinguishment of debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 114.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 54.54pt;"></span></span><span style="left: 57.17pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 114.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 44.67pt; position: var(--position);">2,963<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 114.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.21pt; position: var(--position); text-decoration: none; white-space: pre;">(2,963)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 129.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); text-decoration: none; white-space: pre;">Total net revenues<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 129.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.12pt; position: var(--position); text-decoration: none; white-space: pre;">126,947<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 129.75pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 36.12pt; position: var(--position); text-decoration: none; white-space: pre;">145,355<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 129.75pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 23.21pt; position: var(--position); text-decoration: none; white-space: pre;">(18,408)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 144.75pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Management and incentive fees<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 159pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">17,235<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 159pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">18,927<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 159pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.21pt; position: var(--position); text-decoration: none; white-space: pre;">(1,692)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 174pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">General and administrative expenses<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 174pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">12,664<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 174pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">13,728<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 174pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.21pt; position: var(--position); text-decoration: none; white-space: pre;">(1,064)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 189pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 20pt; position: var(--position); text-decoration: none; white-space: pre;">Expenses from real estate owned<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 189pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">46,302<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 189pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 189pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;">46,302<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 204pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40pt; position: var(--position); white-space: pre;">Total expenses<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 204pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">76,201<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 204pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 41.12pt; position: var(--position); text-decoration: none; white-space: pre;">32,655<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 204pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.87pt; position: var(--position); text-decoration: none; white-space: pre;">43,546<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 219pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in current expected credit loss reserve<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 219pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 34.46pt; position: var(--position); text-decoration: none; white-space: pre;">(49,505)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 219pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.46pt; position: var(--position); text-decoration: none; white-space: pre;">(234,868)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 219pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.87pt; position: var(--position); text-decoration: none; white-space: pre;">185,363<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 234pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loss from unconsolidated entities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 234pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 46.96pt; position: var(--position); text-decoration: none; white-space: pre;">(874)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 234pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.62pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 234pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.71pt; position: var(--position); text-decoration: none; white-space: pre;">(874)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income (loss) before income taxes<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 249pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 53.62pt; position: var(--position); text-decoration: none; white-space: pre;">367<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 249pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.46pt; position: var(--position); text-decoration: none; white-space: pre;">(122,168)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 249pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.87pt; position: var(--position); text-decoration: none; white-space: pre;">122,535<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 264pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Income tax provision<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 264pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 53.62pt; position: var(--position); text-decoration: none; white-space: pre;">718<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 264pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 46.12pt; position: var(--position); text-decoration: none; white-space: pre;">1,002<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 264pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 35.71pt; position: var(--position); text-decoration: none; white-space: pre;">(284)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 279pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 279pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 46.96pt; position: var(--position); text-decoration: none; white-space: pre;">(351)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 279pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 29.46pt; position: var(--position); text-decoration: none; white-space: pre;">(123,170)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 279pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 24.87pt; position: var(--position); text-decoration: none; white-space: pre;">122,819<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 294pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net income attributable to non-controlling interests<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 294pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 56.96pt; position: var(--position); text-decoration: none; white-space: pre;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 294pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 46.96pt; position: var(--position); text-decoration: none; white-space: pre;">(668)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 294pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">662<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 309pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss attributable to Blackstone Mortgage Trust, Inc.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 309pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 41.21pt;"></span></span><span style="left: 48.84pt; position: var(--position);">(357)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 309pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 23.71pt;"></span></span><span style="left: 31.34pt; position: var(--position);">(123,838)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 309pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 15.79pt;"></span></span><span style="left: 23.419999999999998pt; position: var(--position);">123,481<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 324pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net loss per share of common stock, basic and diluted<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 324pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.71pt;"></span></span><span style="left: 46.34pt; position: var(--position);">(0.00)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 324pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 38.71pt;"></span></span><span style="left: 46.34pt; position: var(--position);">(0.72)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 324pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.79pt;"></span></span><span style="left: 38.42pt; position: var(--position);">0.72<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 353.25pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Weighted-average shares of common stock outstanding, basic and <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 15.15pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 12.63pt; position: var(--position); text-decoration: none; white-space: pre;">diluted<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 353.25pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.62pt; position: var(--position); text-decoration: none; white-space: pre;">172,004,888<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 353.25pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 18.62pt; position: var(--position); text-decoration: none; white-space: pre;">174,041,630<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 353.25pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.21pt; position: var(--position); text-decoration: none; white-space: pre;">(2,037)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 379.5pt; width: 285.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 285.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Dividends declared per share<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 285.75pt; position: var(--position); top: 379.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 49.67pt; position: var(--position);">0.47<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 360pt; position: var(--position); top: 379.5pt; width: 71.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 71.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 42.04pt;"></span></span><span style="left: 49.67pt; position: var(--position);">0.62<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 379.5pt; width: 60pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 27.46pt;"></span></span><span style="left: 35.09pt; position: var(--position);">(0.15)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 494.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Income from loans and other investments, net <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 512pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 195.09pt;">Income from loans and other investments, net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.37pt;">decreased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.96000000000004pt; position: var(--position); white-space: pre; width: 3.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$52.6<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.35pt; position: var(--position); white-space: pre; width: 82.71pt;"> million during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 402.06pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.03pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.09pt; position: var(--position); white-space: pre; width: 3.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.36pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 523.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 69.59pt;">compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.07pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.16pt; position: var(--position); white-space: pre; width: 3.41pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.4pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.97pt; position: var(--position); white-space: pre; width: 24.85pt;">. The <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.37pt;">decrease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 336.19pt; position: var(--position); white-space: pre; width: 217.16pt;"> was primarily due to (i) a decrease in the weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 535pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 203.27pt;">average principal balance of our loan portfolio by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 261.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.38pt;">$5.4&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 308.15pt; position: var(--position); white-space: pre; width: 46.7pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 354.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.85pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.7pt; position: var(--position); white-space: pre; width: 2.8pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 436.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.18pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.68pt; position: var(--position); white-space: pre; width: 52.76pt;"> compared to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 546.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 14.86pt;">the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 73.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.57pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.93pt; position: var(--position); white-space: pre; width: 2.66pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.9pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 218.49pt; position: var(--position); white-space: pre; width: 334.83pt;">, (ii) a decline in interest income related to additional loans accounted for under the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 135.2pt;">cost-recovery method during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.53pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.23pt; position: var(--position); white-space: pre; width: 3.14pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 276.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.86pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.23pt; position: var(--position); white-space: pre; width: 212.1pt;">, and (iii) a decrease in average floating rate indices<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 44.08pt;">during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.03pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.61pt; position: var(--position); white-space: pre; width: 2.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.36pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 248.86pt; position: var(--position); white-space: pre; width: 70.92pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.03pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 398.81pt; position: var(--position); white-space: pre; width: 2.89pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 401.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.36pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 466.06pt; position: var(--position); white-space: pre; width: 87.43pt;">. This was offset by a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 402.68pt;">decrease in the weighted-average principal balance of our outstanding financing arrangements by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 461.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.04pt;">$3.9&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 508.22pt; position: var(--position); white-space: pre; width: 45.22pt;"> during the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.75pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.83pt; position: var(--position); white-space: pre; width: 69.36pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 272.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 350.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 416.52pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 622pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 128.17pt;">Revenue from real estate owned<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 639.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 86.36pt;">Revenue from REO <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.71pt;">increased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.57pt; position: var(--position); white-space: pre; width: 18pt;"> by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 200.57pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.35pt;">$37.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 255.92pt; position: var(--position); white-space: pre; width: 50.3pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 306.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 81.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 387.47pt; position: var(--position); white-space: pre; width: 4pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 458.05pt; position: var(--position); white-space: pre; width: 75.36pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 651pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.79pt;">months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.28999999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.78999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.37pt; position: var(--position); white-space: pre; width: 101.56pt;"> due to the acquisition of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 281.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.75pt;">seven<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.68pt; position: var(--position); white-space: pre; width: 90.72pt;"> additional REO assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 395.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 397.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 680.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 125.44pt;">Gain on extinguishment of debt<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 698pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 139.98pt;">Gain on extinguishment of debt de<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.94pt;">creased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.42pt; position: var(--position); white-space: pre; width: 15.6pt;"> by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 244.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.15pt;">$3.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 293.16999999999996pt; position: var(--position); white-space: pre; width: 46.7pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 339.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.85pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 418.72pt; position: var(--position); white-space: pre; width: 2.8pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.18pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 485.7pt; position: var(--position); white-space: pre; width: 67.76pt;"> compared to the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 709.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.37pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.87pt; position: var(--position); white-space: pre; width: 2.56pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.7pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.13pt; position: var(--position); white-space: pre; width: 203.08pt;">. There was no debt repurchase activity during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 406.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.37pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 484.58pt; position: var(--position); white-space: pre; width: 2.56pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 487.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.8399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 721pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.4pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.13pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.03pt; position: var(--position); white-space: pre; width: 2.94pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.46pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.43pt; position: var(--position); white-space: pre; width: 211.96pt;"> we recognized a gain on extinguishment of debt of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 463.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.29pt;">$3.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.6800000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.81pt;"> related to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">71<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 217.05pt;">the repurchase of an aggregate principal amount of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.25pt;">$26.2&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 330.8pt; position: var(--position); white-space: pre; width: 33.36pt;"> of our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 364.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.05pt;">senior secured notes due 2027<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 490.21pt; position: var(--position); white-space: pre; width: 63.28pt;"> at a weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 66.84pt;">average price of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;">88%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 143.67000000000002pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.17000000000002pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 95pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 37.17pt;">Expenses<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 124pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 175.87pt;">from real estate owned, and other expenses.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 234.37pt; position: var(--position); white-space: pre; width: 43.1pt;"> Expenses <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 277.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.71pt;">increased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 315.18pt; position: var(--position); white-space: pre; width: 15.36pt;"> by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 330.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.03pt;">$43.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.57pt; position: var(--position); white-space: pre; width: 46.34pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.61pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.52pt; position: var(--position); white-space: pre; width: 2.68pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 512.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 41.26pt;">March&#160;31,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); white-space: pre; width: 73.88pt;"> compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.51pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.89pt; position: var(--position); white-space: pre; width: 3.63pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 236.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.84pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 302.36pt; position: var(--position); white-space: pre; width: 76.39pt;">, primarily due to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.98pt;">$46.3&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.73pt; position: var(--position); white-space: pre; width: 119.66pt;"> of expenses from real estate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">owned, which relates to REO operating expenses and amortization and depreciation of REO assets. The increase was due to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 73.93pt;">the acquisition of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.43pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.75pt;">seven<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.18pt; position: var(--position); white-space: pre; width: 318.52pt;"> additional REO assets. We did not incur any expenses from REO during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.63pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 170pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.76pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 123.26pt; position: var(--position); white-space: pre; width: 127.88pt;">. This was partially offset by a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.44pt;">$1.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 300.58000000000004pt; position: var(--position); white-space: pre; width: 252.76pt;"> decrease in management fees payable to our Manager, driven<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 238.31pt;">primarily by lower Distributable Earnings, as well as a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.79pt;">$1.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 347.6pt; position: var(--position); white-space: pre; width: 4.44pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.37pt;">decrease<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 386.41pt; position: var(--position); white-space: pre; width: 166.99pt;"> in general and administrative expenses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 74.24pt;">primarily due to a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 132.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.96pt;">$1.1&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.7pt; position: var(--position); white-space: pre; width: 371.79pt;"> decrease in non-cash restricted stock amortization related to shares awarded under our long-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 83.49pt;">term incentive plans.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 234pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 190.31pt;">Changes in current expected credit loss reserve<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 251.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.36pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.09pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.95pt; position: var(--position); white-space: pre; width: 2.92pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.42pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.29pt; position: var(--position); white-space: pre; width: 65.21pt;">, we recorded a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.27pt;">$49.5&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.77pt; position: var(--position); white-space: pre; width: 2.92pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 373.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 406.4pt; position: var(--position); white-space: pre; width: 147.08pt;"> in our CECL reserves, as compared<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 263pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 18.64pt;">to a <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 77.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.57pt;">$234.9&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.70999999999998pt; position: var(--position); white-space: pre; width: 83.89pt;">&#160;increase during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.69pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 300.28999999999996pt; position: var(--position); white-space: pre; width: 3.22pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 303.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.02pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 368.53pt; position: var(--position); white-space: pre; width: 105.14pt;">. The increase during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.69pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 274.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.22pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 123.72pt; position: var(--position); white-space: pre; width: 328.82pt;"> is primarily due to: (i) an increase in our general CECL reserves as a result of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 452.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 100.94pt;">a change in the portfolio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 437.95pt;">mix, as loan repayments were offset by new originations, as well as changes in the historical loss rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.45pt; position: var(--position); white-space: pre; width: 42.48pt;">, and (ii) <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 538.9300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 14.43pt;">one<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 185.04pt;">additional loan that was impaired during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 243.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.99pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 323.53pt; position: var(--position); white-space: pre; width: 3.37pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 326.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.32pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 392.22pt; position: var(--position); white-space: pre; width: 161.19pt;">, which was secured by an office asset.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #ee2724; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 309pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">each determined individually as a result of changes in the specific credit quality factors for such loans. These factors<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">of default, and (iv) other facts that impact the borrower&#8217;s ability to pay the contractual amounts due under the terms of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 355pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.7pt;">loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.2pt; position: var(--position); white-space: pre; width: 475.16pt;"> These increases were partially offset by a reversal of the asset-specific CECL reserve as a result of the resolution of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 366.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">one impaired loan above our carrying value, as well as a net decrease in asset-specific CECL reserves on existing impaired<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 378pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 23.59pt;">loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.09pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 401.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 13.86pt;"><span style="background-color: inherit;">We</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 72.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 481.05pt;"> may be required to record further increases to our CECL reserves in the future, depending on the performance of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 413pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 424.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 436pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 447.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 459pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 347.09pt;">such loans and to be concentrated in our loans receivable with a risk rating of &#8220;4&#8221; as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.59pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 408.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 471.67pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.17pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 488.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 134.61pt;">Loss from unconsolidated entities<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 506pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 153.21pt;">Loss from unconsolidated entities of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 211.71pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$874,000<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.21pt; position: var(--position); white-space: pre; width: 202.11pt;"> represents our share of the loss incurred by our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 451.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 99.66pt;">Net Lease Joint Venture<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.98pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 517.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 276.66pt;">There was no income or loss from unconsolidated entities during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 335.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 413.41pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 479.49pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 84.36pt;">Income tax provision<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 106.53pt;">The income tax provision <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.37pt;">decreased<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.4pt; position: var(--position); white-space: pre; width: 15.82pt;"> by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 220.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.5pt;">$284,000<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 257.72pt; position: var(--position); white-space: pre; width: 47.03pt;"> during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.07pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 383.82pt; position: var(--position); white-space: pre; width: 2.91pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 386.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.4pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 451.13pt; position: var(--position); white-space: pre; width: 82.23pt;"> as compared to the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 576pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.79pt;">months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.28999999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.78999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.37pt; position: var(--position); white-space: pre; width: 353.17pt;">, due to a decrease in the income tax provisions related to our taxable REIT subsidiaries.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 605.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 81.04pt;">Dividends per share<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 623pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 45.52pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.02000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.26999999999998pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.76999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 248.35pt; position: var(--position); white-space: pre; width: 107.66pt;">, we declared dividends of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$0.47<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.51pt; position: var(--position); white-space: pre; width: 54.67pt;"> per share, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$80.6&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 487.03pt; position: var(--position); white-space: pre; width: 54.09pt;"> in aggregate.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 541.12pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 634.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 45.52pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.02000000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.26999999999998pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.76999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 248.35pt; position: var(--position); white-space: pre; width: 107.66pt;">, we declared dividends of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.5pt;">$0.62<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.51pt; position: var(--position); white-space: pre; width: 54.67pt;"> per share, or <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.18pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$107.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.03pt; position: var(--position); white-space: pre; width: 54.09pt;"> in aggregate.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 664pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_151"></div><div style="line-height: 10pt; position: var(--position); top: 664pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: underline; white-space: pre;">IV. Liquidity and Capital Resources <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 681.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Capitalization <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 699pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 710.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 207.3pt;">corporate debt, and asset-level financings. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 67.08pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 332.88pt; position: var(--position); white-space: pre; width: 160.2pt;">, our capitalization structure included <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 493.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.83pt;">$3.7&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.9100000000001pt; position: var(--position); white-space: pre; width: 12.58pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 722pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 69.54pt;">common equity, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 128.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.13pt;">$2.8 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 175.17000000000002pt; position: var(--position); white-space: pre; width: 102.93pt;"> of corporate debt, and $<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 278.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.13pt;">13.1 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.23pt; position: var(--position); white-space: pre; width: 127.89pt;"> of asset-level financings. Our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 453.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.13pt;">$2.8&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.25pt; position: var(--position); white-space: pre; width: 53.15pt;"> of corporate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">72<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 59.25pt;">debt includes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.75pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.96pt;">$1.8 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.70999999999998pt; position: var(--position); white-space: pre; width: 120.43pt;"> of Term Loan borrowings, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 286.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.73pt;">$785.3 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 346.87pt; position: var(--position); white-space: pre; width: 133.12pt;"> of Senior Secured Notes, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 479.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.73pt;">$266.2 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.72pt; position: var(--position); white-space: pre; width: 12.71pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 102.29pt;">Convertible Notes. Our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 160.79000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.17pt;">$13.1 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 213.96pt; position: var(--position); white-space: pre; width: 148.33pt;"> of asset-level financings includes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 362.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.17pt;">$10.0 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 415.46pt; position: var(--position); white-space: pre; width: 76.9pt;"> of secured debt, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 48.17pt;">$2.6 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.53pt; position: var(--position); white-space: pre; width: 12.92pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 80.77pt;">securitizations, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 139.26999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.43pt;">$494.1 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.7pt; position: var(--position); white-space: pre; width: 354.64pt;"> of asset-specific debt, all of which are structured to produce term, currency, and index<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 333.53pt;">matched funding with no margin call provisions based upon capital markets events.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.3pt;"><span style="background-color: inherit;">As of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.44pt;"><span style="background-color: inherit;">March&#160;31, 2025</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.37pt;"><span style="background-color: inherit;">, we had </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.51pt;">$1.6 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 232.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.93pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 235.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 318.3pt;"><span style="background-color: inherit;">of liquidity that can be used to satisfy our short-term cash requirements and as</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 131.28pt;"><span style="background-color: inherit;">working capital for our business.</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.15pt;"><span style="background-color: inherit;">See Notes </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 102.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;"><span style="background-color: inherit;">7</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 107.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.71pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;"><span style="background-color: inherit;">8</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.71pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;"><span style="background-color: inherit;">9</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 129.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.71pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 134.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><span style="background-color: inherit;">10</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 144.78pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.71pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><span style="background-color: inherit;">11</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 160.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.71pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 166.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><span style="background-color: inherit;">12</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 176.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.35pt;"><span style="background-color: inherit;">, and </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 199.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;"><span style="background-color: inherit;">13</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 209.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.16pt;"><span style="background-color: inherit;"> to our co</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 249.71pt; position: var(--position); white-space: pre; width: 303.61pt;">nsolidated financial statements for additional details regarding our secured<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">debt, securitized debt obligations, asset-specific debt, loan participations sold, Term Loans, Senior Secured Notes, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 170pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 128.72pt;">Convertible Notes, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 199.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 201.81pt;">Debt-to-Equity Ratio and Total Leverage Ratio<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 217pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 306.82pt;">The following table presents our debt-to-equity ratio and total leverage ratio:<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 234.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 490.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 339.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 74.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 339.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 339.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 0pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 0pt; width: 74.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.81pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Debt-to-equity ratios<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 86.14pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); white-space: pre;">Debt-to-equity ratio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 88.25pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 27.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.62pt; position: var(--position); text-decoration: none; white-space: pre;">3.4x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 27.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;">3.5x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); white-space: pre;">Adjusted debt-to-equity ratio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 124.61pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 42.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.62pt; position: var(--position); text-decoration: none; white-space: pre;">2.8x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 42.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;">3.0x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;">Total leverage ratios<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 84.71pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); white-space: pre;">Total leverage ratio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 86.82pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 72.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.62pt; position: var(--position); text-decoration: none; white-space: pre;">4.1x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 72.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;">4.0x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87.75pt; width: 339.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 339.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); white-space: pre;">Adjusted total leverage ratio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 122.07pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 339.75pt; position: var(--position); top: 87.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.62pt; position: var(--position); text-decoration: none; white-space: pre;">3.4x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 416.25pt; position: var(--position); top: 87.75pt; width: 74.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 74.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 28.37pt; position: var(--position); text-decoration: none; white-space: pre;">3.4x<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 342.25pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 351.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.98pt;">The debt and leverage amounts included in the calculations above use gross outstanding principal balances,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 363.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 266.93pt;">excluding any unamortized deferred financing costs and discounts.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 352.43pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 374.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.85pt;">Represents, in each case at period end, (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 386.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 266.35pt;">Secured Notes, and convertible notes, less cash, to (ii) total equity.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 397.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.85pt;">Represents, in each case at period end, (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 409.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.97pt;">Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-GAAP financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 420.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.95pt;">measure. Refer to &#8220;Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio&#8221; below for the definition of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 432.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 206.96pt;">Adjusted Equity and a reconciliation to total equity.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 443.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.89pt;">Represents, in each case at period end, (i) total outstanding secured debt, securitizations, asset-specific debt, Term<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 455.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 324.36pt;">Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 466.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.89pt;">Represents, in each case at period end, (i) total outstanding secured debt, securitizations, asset-specific debt, Term<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 478.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.88pt;">Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 489.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 468pt;">GAAP financial measure. Refer to &#8220;Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio&#8221; below for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 501.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 273.83pt;">the definition of Adjusted Equity and a reconciliation to total equity.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 530.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 263.89pt;">Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 322.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 548.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">Our adjusted debt-to-equity and total leverage ratios are measures that are not prepared in accordance with GAAP, as they<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 559.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.86pt;">are calculated using Adjusted Equity, which we define as our total equity, excluding the aggregate CECL reserves on our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 571.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 200.87pt;">loans receivable and unfunded loan commitments.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 594.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">We believe that Adjusted Equity provides meaningful information to consider in addition to our total equity determined in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 606.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">accordance with GAAP in the context of assessing our debt-to-equity and total leverage ratios. The adjusted debt-to-equity<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 617.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">and total leverage ratios are metrics we use, in addition to our unadjusted debt-to-equity and total leverage ratios, when<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 629.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">evaluating our capitalization structure, as Adjusted Equity excludes the unrealized impact of our CECL reserves, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 640.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">may vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. We believe<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 652.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">these ratios, and therefore our Adjusted Equity, are useful financial metrics for existing and potential future holders of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 663.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">class A common stock to consider when evaluating how our business is capitalized and the relative amount of leverage in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 675.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 52.2pt;">our business.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 110.7pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">73<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">Adjusted Equity does not represent our total equity and should not be considered as an alternate to GAAP total equity. In<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">addition, our methodology for calculating Adjusted Equity may differ from methodologies employed by other companies<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted Equity may not be<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 88.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 258.32pt;">comparable to the Adjusted Equity reported by other companies.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.82pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 431.8pt;">The following table provides a reconciliation of Adjusted Equity to our GAAP total equity ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 492pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 342pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 73.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 0pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 0pt; width: 73.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.44pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total equity<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 12.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">3,688,718<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 12.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);">3,794,189<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Add back: aggregate CECL reserves<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 27.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 33.54pt;"></span></span><span style="left: 36.17pt; position: var(--position);">754,176<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 27.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 34.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);">746,495<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Adjusted Equity<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 42.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">4,442,894<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 42.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);">4,540,684<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 86.61pt;">Sources of Liquidity<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 145.11pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 482.19pt;">and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.69pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 262.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 492pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 342pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 73.5pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 342pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 0pt; width: 72.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.83pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 0pt; width: 73.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 4.44pt; position: var(--position); text-decoration: none; white-space: pre;">December 31, 2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash and cash equivalents<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 12.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 28.54pt;"></span></span><span style="left: 36.17pt; position: var(--position);">668,563<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 12.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.29pt;"></span></span><span style="left: 36.92pt; position: var(--position);">323,483<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27.75pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Available borrowings under secured debt<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 27.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 33.54pt;"></span></span><span style="left: 36.17pt; position: var(--position);">915,741<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 27.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 26.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);">1,111,206<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42.75pt; width: 342pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 342pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Loan principal payments held by servicer, net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 185.46pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 42.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 51.04pt;"></span></span><span style="left: 53.67pt; position: var(--position);">327<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 42.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 39.29pt;"></span></span><span style="left: 41.92pt; position: var(--position);">74,313<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 342pt; position: var(--position); top: 57.75pt; width: 72.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.04pt;"></span></span><span style="left: 28.669999999999998pt; position: var(--position);">1,584,631<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 418.5pt; position: var(--position); top: 57.75pt; width: 73.5pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 73.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 21.79pt;"></span></span><span style="left: 29.419999999999998pt; position: var(--position);">1,509,002<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 340.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 350.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.99pt;">Represents loan principal payments held by our third-party servicer as of the balance sheet date which were remitted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 362pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 338.15pt;">to us during the subsequent remittance cycle, net of the related secured debt balance.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.65pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 385.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.32pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 105.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.05pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.4pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.38pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 254.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 128.87pt;">, we generated cash flow from <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 383.52pt; position: var(--position); text-decoration: none; white-space: pre; width: 92.29pt;">operating activities of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 475.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.75pt;">$100.5 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 535.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 17.83pt;"> and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 397pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.65pt;">received <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.15pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.41pt;">$1.8&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 307.59pt;"> from loan principal collections, sales proceeds, and cost-recovery proceeds.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 449.15pt; position: var(--position); white-space: pre; width: 104.24pt;"> Furthermore, we are able<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 408.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">to generate incremental liquidity through the replenishment provisions of certain of our CLOs, which allow us to replace a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 420pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">repaid loan in the CLO by increasing the principal amount of existing CLO collateral assets to maintain the aggregate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 431.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 309.33pt;">amount of collateral assets in the CLO, and the related financing outstanding.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 455pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">We have access to further liquidity through public and private offerings of equity and debt securities, syndicated term<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 466.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">loans, and similar transactions. To facilitate public offerings, in July 2022, we filed a shelf registration statement with the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 478pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 489.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 501pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 512.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) warrants; (vi) subscription<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 524pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 535.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 365.67pt;">in detail in a prospectus supplement, or other offering materials, at the time of any offering.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">We may also access liquidity through our dividend reinvestment plan and direct stock purchase plan, under which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 582pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;">9,968,032<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 98.5pt; position: var(--position); white-space: pre; width: 273.36pt;"> shares of class A common stock were available for issuance as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.86pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.7pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 436.56pt; position: var(--position); white-space: pre; width: 116.84pt;">, and our at the market stock<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 593.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 303.92pt;">offering program, pursuant to which we may sell, from time to time, up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 362.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.25pt;">$480.9 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 421.67pt; position: var(--position); white-space: pre; width: 131.71pt;"> of additional shares of our class<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 605pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 92.43pt;">A common stock as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 150.93pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 214.51pt; position: var(--position); white-space: pre; width: 39.95pt;">. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 254.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 286.38pt; position: var(--position); white-space: pre; width: 248.83pt;"> to our consolidated financial statements for additional details.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 634.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 72.74pt;">Uses of Liquidity<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 652pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 663.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 275.9pt;">liquidity include interest and principal payments with respect to our <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 334.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.37pt;">$10.0 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 385.77pt; position: var(--position); white-space: pre; width: 167.72pt;"> of outstanding borrowings under secured<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 675pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 401.54pt;">debt, our asset-specific debt, our Term Loans, our Senior Secured Notes, and our Convertible Notes.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 460.04pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 698.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.3pt;">In July 2024, our board of directors authorized the repurchase of up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.8pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.02pt;">$150.0 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 402.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 150.52pt;"> of our class A common stock. Under<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 710pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 721.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">74<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 282.42pt;">discontinued at any time and does not have a specified expiration date.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.06pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 104.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.79pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 186.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.12pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 250.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 70.73pt;">, we repurchased <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 40pt;">1,792,836<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 192.5pt;"> shares of class A common stock at a weighted-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 112pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 107.58pt;">average price per share of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 166.07999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;">$17.63<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 193.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.03pt;">, for a total cost of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.23pt;">$31.6 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.58pt;">. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.34pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 132.72pt;">, the amount remaining available<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 123.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 158.18pt;">for repurchases under the program was <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 216.68pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$89.2 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 270.53pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.03pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;">From time to time we have repurchased and may continue to repurchase our outstanding debt or shares of our class A<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 495pt;">common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 170pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 110.65pt;">aggregate, may be material.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 205pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 25.26pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 83.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.4pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.16pt; position: var(--position); white-space: pre; width: 146.5pt;">, we had unfunded commitments of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 294.65999999999997pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.49pt;">$1.0 billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.15pt; position: var(--position); white-space: pre; width: 43.66pt;"> related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 384.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">57<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 394.81pt; position: var(--position); white-space: pre; width: 88.18pt;"> loans receivable and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 482.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.26pt;">$520.2 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 542.25pt; position: var(--position); white-space: pre; width: 11.24pt;"> of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 413.75pt;">committed or identified financing for those commitments resulting in net unfunded commitments of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 472.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.75pt;">$513.0 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 532pt; position: var(--position); white-space: pre; width: 5.9pt;">. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 537.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 15.53pt;">The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 228pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 239.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 251pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 362.29pt;">progress of capital projects, leasing, and cash flows at the properties securing our loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.79pt; position: var(--position); white-space: pre; width: 132.6pt;"> Therefore, the exact timing and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 262.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">amounts of such future loan fundings are uncertain and will depend on the current and future performance of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 274pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 200.61pt;">have a weighted-average future funding period of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.08pt;">2.3 years<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 295.19pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">75<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 185.19pt;">Contractual Obligations and Commitments<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 243.69pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 207.26pt;">Our contractual obligations and commitments as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 265.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.34pt; position: var(--position); white-space: pre; width: 134.89pt;"> were as follows ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 94.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 180pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 60pt;"/></tr><tr style="height: 12pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 180pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.14pt; width: 180pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 4.85pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 0pt; width: 60pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.14pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 4.85pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="7" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 0pt; width: 251.25pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.25pt; width: 251.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 100.66pt; position: var(--position); text-decoration: none; white-space: pre;">Payment Timing<span style="display: inline-block; height: 4.74pt;"></span></span></div></div></div></td></tr><tr style="height: 20.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12pt; width: 180pt;"><div><div style="line-height: 7pt; position: var(--position); top: 12.39pt; width: 180pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 4.85pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 12pt; width: 60pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.46pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 22.03pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 4.74pt;"></span></span></div><div style="line-height: 7pt; position: var(--position); top: 12.5pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 14.06pt; position: var(--position); white-space: pre;">Obligation<span style="display: inline-block; height: 4.74pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 12pt; width: 60pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.46pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 14.55pt; position: var(--position); white-space: pre;">Less Than<span style="display: inline-block; height: 4.74pt;"></span></span></div><div style="line-height: 7pt; position: var(--position); top: 12.5pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 17.35pt; position: var(--position); white-space: pre;">1 Year<span style="display: inline-block; height: 4.74pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 4.55pt; font-style: normal; font-weight: bold; left: 37.35pt; position: var(--position); top: -1.659pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.0810000000000004pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 12pt; width: 60pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.46pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 21.83pt; position: var(--position); white-space: pre;">1 to 3<span style="display: inline-block; height: 4.74pt;"></span></span></div><div style="line-height: 7pt; position: var(--position); top: 12.5pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 21.26pt; position: var(--position); white-space: pre;">Years<span style="display: inline-block; height: 4.74pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 12pt; width: 60pt;"><div><div style="line-height: 7pt; position: var(--position); top: 5.5pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 21.83pt; position: var(--position); text-decoration: none; white-space: pre;">3 to 5<span style="display: inline-block; height: 4.74pt;"></span></span></div><div style="line-height: 7pt; position: var(--position); top: 12.5pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 21.26pt; position: var(--position); text-decoration: none; white-space: pre;">Years<span style="display: inline-block; height: 4.74pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 12pt; width: 60pt;"><div><div style="line-height: 7pt; position: var(--position); top: 4.46pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 13pt; position: var(--position); white-space: pre;">More Than<span style="display: inline-block; height: 4.74pt;"></span></span></div><div style="line-height: 7pt; position: var(--position); top: 12.5pt; width: 60pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 7pt; font-style: normal; font-weight: bold; left: 18.64pt; position: var(--position); white-space: pre;">5 Years<span style="display: inline-block; height: 4.74pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 32.25pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Unfunded loan commitments<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 107.57pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 32.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 13.13pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">1,033,229<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 32.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">299,708<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 32.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">349,070<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 32.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 19.88pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">384,451<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 32.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 40.13pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 46.5pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Principal repayments under secured debt<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 148.99pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 46.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 13.13pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);">10,011,541<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 46.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 17.63pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">1,456,545<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 46.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 17.63pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">6,509,208<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 46.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 17.63pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">2,044,905<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 46.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 40.13pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);">883<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 60.75pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Principal repayments under asset-specific debt<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 169.96pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 60.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">494,081<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 60.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 60.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 60.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">494,081<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 60.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 75pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Principal repayments of term loans<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 128.52pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 17.63pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">1,760,748<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 28.88pt;"></span></span><span style="left: 31.509999999999998pt; position: var(--position);">14,759<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">338,784<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 17.63pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">1,407,205<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 89.25pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Principal repayments of senior secured notes<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 89.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">785,316<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 89.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 89.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">335,316<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 89.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">450,000<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 89.25pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 103.5pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Principal repayments of convertible notes<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 152.5pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 103.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">266,157<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 103.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 103.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">266,157<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 103.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 103.5pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 44.63pt;"></span></span><span style="left: 47.260000000000005pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 117.75pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Interest payments<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 66.32pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(3)(6)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 117.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 17.63pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">2,113,594<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 117.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">805,088<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 117.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">982,604<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 117.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 24.38pt;"></span></span><span style="left: 27.009999999999998pt; position: var(--position);">325,896<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 117.75pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 49.13pt;"></span></span><span style="left: 51.760000000000005pt; position: var(--position);">6<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 132pt; width: 180pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 180pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 6.24pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 4.1405pt; font-style: normal; font-weight: normal; left: 21.61pt; position: var(--position); top: -2.1839999999999997pt; vertical-align: super; white-space: pre;">(7)<span style="display: inline-block; height: 4.056pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 180pt; position: var(--position); top: 132pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 8.63pt;"></span></span><span style="left: 15.760000000000002pt; position: var(--position);">16,464,666<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 243.75pt; position: var(--position); top: 132pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 13.13pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">2,576,100<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 307.5pt; position: var(--position); top: 132pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 13.13pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">8,781,139<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 371.25pt; position: var(--position); top: 132pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 13.13pt;"></span></span><span style="left: 20.259999999999998pt; position: var(--position);">5,106,538<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 132pt; width: 60pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 60pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 35.63pt;"></span></span><span style="left: 42.760000000000005pt; position: var(--position);">889<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 245.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 257.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.95pt;">Represents known and estimated short-term cash requirements related to our contractual obligations and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.97pt;">commitments. Refer to &#8220;Sources of Liquidity&#8221; above for information about our sources of funds to satisfy our short-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 280.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 95.7pt;">term cash requirements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.2pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 468pt;">The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 419.46pt;">final loan maturity date, however we may be obligated to fund these commitments earlier than such date.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 326.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.87pt;">Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 337.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.86pt;">on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 349.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 315.67pt;">In limited instances, the maturity date of the respective debt agreement is used.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 360.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 274.79pt;">The Term Loans are partially amortizing, with an amount equal to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 360.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;">1.0%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.12pt; position: var(--position); white-space: pre; width: 172.3pt;"> per annum of the initial principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 372.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 161.05pt;">due in quarterly installments. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.55pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.1pt;">Note 11<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.65pt; position: var(--position); white-space: pre; width: 273.71pt;"> to our consolidated financial statements for further details on our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 383.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 51.05pt;">Term Loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.55pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 395.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.95pt;">Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 406.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 10.27pt;">to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.69pt; position: var(--position); white-space: pre; width: 339.88pt;"> to our consolidated financial statements for further details on our Convertible Notes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 418.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">Represents interest payments on our secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 429.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.88pt;">convertible notes. Future interest payment obligations are estimated assuming the interest rates in effect as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 441.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 66.92pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 152.42000000000002pt; position: var(--position); white-space: pre; width: 401pt;"> will remain constant into the future. This is only an estimate as actual amounts borrowed and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 132.03pt;">interest rates will vary over time.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 464.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(7)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 93.88pt;">Total does not include <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 179.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.66pt;">$2.6&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 226.04pt; position: var(--position); white-space: pre; width: 184.65pt;"> of consolidated securitized debt obligations, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 410.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.43pt;">$845.8 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 470.12pt; position: var(--position); white-space: pre; width: 83.31pt;"> of non-consolidated<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 83.33pt;">senior interests, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.82999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.25pt;">$101.7 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 228.08pt; position: var(--position); white-space: pre; width: 325.33pt;"> of loan participations sold, as the satisfaction of these liabilities will not require<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 487.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 84.93pt;">cash outlays from us.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 522.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 533.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 545.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 556.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 14<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 90.42pt; position: var(--position); white-space: pre; width: 343.99pt;"> to our consolidated financial statements for details regarding our derivative contracts.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.41pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 580.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 591.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 603.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 299.11pt;">Management Agreement as they are not fixed and determinable. Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 357.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.38pt;">Note 16<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 389.99pt; position: var(--position); white-space: pre; width: 163.47pt;"> to our consolidated financial statements<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 614.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 347.07pt;">for additional terms and details of the fees payable under our Management Agreement.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 405.57pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 638.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.82pt;">As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 649.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 661.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 393.13pt;">income as calculated in accordance with GAAP, or our Distributable Earnings as described above.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 451.63pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">76<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Cash Flows <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 441.77pt;">The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 83pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 96.8pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 335.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 78pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 0pt; width: 159.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 159.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.92pt; position: var(--position); text-decoration: none; white-space: pre;">Three Months Ended March 31,<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 335.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 31pt; position: var(--position); text-decoration: none; white-space: pre;">2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 12.75pt; width: 78pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 31pt; position: var(--position); text-decoration: none; white-space: pre;">2024<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 335.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash flows provided by operating activities<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 25.5pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 37.88pt;"></span></span><span style="left: 45.010000000000005pt; position: var(--position);">100,516<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 25.5pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 42.38pt;"></span></span><span style="left: 49.510000000000005pt; position: var(--position);">94,610<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 39.75pt; width: 335.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash flows provided by investing activities<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 39.75pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 42.38pt;"></span></span><span style="left: 45.010000000000005pt; position: var(--position);">260,939<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 39.75pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 42.38pt;"></span></span><span style="left: 45.010000000000005pt; position: var(--position);">376,316<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54pt; width: 335.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Cash flows used in financing activities<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 54pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 43.89pt;"></span></span><span style="left: 46.52pt; position: var(--position);">(18,142)<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 54pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.24pt; width: 39.39pt;"></span></span><span style="left: 42.02pt; position: var(--position);">(404,343)<span style="display: inline-block; height: 6.24pt;"></span></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 68.25pt; width: 335.25pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 335.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net (decrease) increase in cash and cash equivalents<span style="display: inline-block; height: 6.24pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 335.25pt; position: var(--position); top: 68.25pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 37.88pt;"></span></span><span style="left: 45.010000000000005pt; position: var(--position);">343,313<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 417pt; position: var(--position); top: 68.25pt; width: 78pt;"><div><div style="line-height: 9pt; position: var(--position); top: 3.75pt; width: 78pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 9pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.24pt; width: 42.38pt;"></span></span><span style="left: 49.510000000000005pt; position: var(--position);">66,583<span style="display: inline-block; height: 6.24pt; width: 2.99pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 196.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 90.22pt;">We experienced a net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 181.43pt; position: var(--position); white-space: pre; width: 131.61pt;"> in cash and cash equivalents of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 313.03999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.22pt;">$343.3&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 372.26pt; position: var(--position); white-space: pre; width: 32.47pt;"> for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 404.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.99pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 483.72pt; position: var(--position); white-space: pre; width: 2.87pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 486.59pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.32pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 550.9100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 207.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 77.15pt;">compared to a net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 135.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 168.36pt; position: var(--position); white-space: pre; width: 15.01pt;"> of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 183.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.69pt;">$66.6&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 238.06pt; position: var(--position); white-space: pre; width: 33.88pt;"> for the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 271.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.93pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 351.87pt; position: var(--position); white-space: pre; width: 3.34pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.21pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.26pt;">March&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 420.47pt; position: var(--position); white-space: pre; width: 53.04pt;">. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 473.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.93pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 219.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.16pt; position: var(--position); white-space: pre; width: 67.56pt;">, we (i) received <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 189.72pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.12pt;">$1.8&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 235.84pt; position: var(--position); white-space: pre; width: 207.56pt;"> from loan principal collections and sales proceeds, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 443.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.1pt;">(ii) received <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 494.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.89pt;">$831.3&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 230.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 361.1pt;">of net proceeds from the issuance of a securitized debt obligation, and (iii) received a net <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 419.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.07pt;">$124.4&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 478.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 74.76pt;"> under our secured<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 242.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.48pt;">debt borrowings<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 123.98pt; position: var(--position); white-space: pre; width: 73.14pt;">. Also, during the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 197.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.73pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 275.85pt; position: var(--position); white-space: pre; width: 2.74pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 278.59000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.06pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 342.65pt; position: var(--position); white-space: pre; width: 62.3pt;">, we (i) funded <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 404.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.32pt;">$1.7&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 451.27pt; position: var(--position); white-space: pre; width: 102.15pt;"> of loans, (ii) repaid a net<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 253.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.85pt;">$732.3&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.35pt; position: var(--position); white-space: pre; width: 170.34pt;"> of asset-specific financings, and (iii) paid <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.85pt;">$81.2&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 341.54pt; position: var(--position); white-space: pre; width: 175.71pt;"> of dividends on our class A common stock.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 277.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 35.41pt;">Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 93.91pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.15pt;">Note 3<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 121.06pt; position: var(--position); white-space: pre; width: 397.4pt;"> to our consolidated financial statements for further discussion of our loan activity. Refer to Notes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">7<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 523.46pt; position: var(--position); white-space: pre; width: 5.23pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 528.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">8<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.69pt; position: var(--position); white-space: pre; width: 19.66pt;">, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 288.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 68.5pt; position: var(--position); white-space: pre; width: 485pt;"> to our consolidated financial statements for additional discussion of our secured debt, securitized debt obligations, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 300.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 80.72pt;">equity, respectively.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 329.8pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_154"></div><div style="line-height: 10pt; position: var(--position); top: 329.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: underline; white-space: pre;">V. Other Items <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 347.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Income Taxes <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 364.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 376.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 387.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 399.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 410.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.87pt;">tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 422.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;">amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 433.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.51pt;">tax laws.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 457.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.95pt;">Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 468.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;">Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 480.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.78pt;">the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 491.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.81pt;">federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.31pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 503.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.8pt;">as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 514.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 526.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 54.91pt;">taxable years.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.41pt; position: var(--position); white-space: pre; width: 26.94pt;"> As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 203.93pt; position: var(--position); white-space: pre; width: 19.43pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 223.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301.9pt; position: var(--position); white-space: pre; width: 211.93pt;">, we were in compliance with all REIT requirements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 513.8299999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 549.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 561.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 34.95pt;">Refer to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 93.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 17<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.37pt; position: var(--position); white-space: pre; width: 345.99pt;"> to our consolidated financial statements for additional discussion of our income taxes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 590.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 118.74pt;">Critical Accounting Policies<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 177.24pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 608.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 479.25pt;">Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 619.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 631.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">Manager to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 642.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 456.42pt;">and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. During <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 514.9200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 534.9200000000001pt; position: var(--position); white-space: pre; width: 18.42pt;">, our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 654.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Manager reviewed and evaluated our critical accounting policies and believes them to be appropriate. The following is a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 665.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">summary of our significant accounting policies that we believe are the most affected by our Manager&#8217;s judgments,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 677.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 59.08pt;">estimates, and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 117.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.41pt;">assumptions<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 166.99pt; position: var(--position); white-space: pre; width: 2.77pt;">:<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 169.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">77<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 127.91pt;">Current Expected Credit Losses<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 186.41pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">Topic 326 &#8220;Financial Instruments &#8211; Credit Losses,&#8221; or ASC 326, reflects our current estimate of potential credit losses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Accounting Standards Board Staff Q&amp;A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 129pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 93.54pt;">following assumptions:<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 146.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: underline; white-space: pre; width: 146.26pt;">Historical loan loss reference data<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 240.76pt; position: var(--position); white-space: pre; width: 312.68pt;">: To estimate the historic loan losses relevant to our portfolio, we have<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.88pt;">augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 169.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 406.72pt;">includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 501.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.16pt;">February&#160;28,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;">2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.5pt; position: var(--position); white-space: pre; width: 438.89pt;">. Within this database, we focused our historical loss reference calculations on the most relevant subset of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 192.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.85pt;">available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.94pt;">including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 215.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.92pt;">includes month-over-month loan and property performance, is the most relevant, available, and comparable<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 227pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 93.79pt;">dataset to our portfolio.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 244.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: underline; white-space: pre; width: 283.55pt;">Expected timing and amount of future loan fundings and repayments<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 378.05pt; position: var(--position); white-space: pre; width: 175.44pt;">: Expected credit losses are estimated over<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 256pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.89pt;">the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 267.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.92pt;">portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 279pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.91pt;">purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 290.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.94pt;">our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 302pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.92pt;">reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 313.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.89pt;">funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 325pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 391.19pt;">unfunded loan commitments are similar to those used for the related outstanding loans receivable.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 342.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: underline; white-space: pre; width: 157.87pt;">Current credit quality of our portfolio<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 252.37pt; position: var(--position); white-space: pre; width: 301.09pt;">: Our risk rating is our primary credit quality indicator in assessing our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 354pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.87pt;">CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 365.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.89pt;">based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 377pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.93pt;">and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 388.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 137.1pt;">exit plan, and project sponsorship.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 406pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: underline; white-space: pre; width: 209.59pt;">Expectations of performance and market conditions<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 304.09000000000003pt; position: var(--position); white-space: pre; width: 249.37pt;">: Our CECL reserves are adjusted to reflect our estimation of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 417.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 459pt;">the current and future economic conditions that impact the performance of the commercial real estate assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 429pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.94pt;">securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 440.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.94pt;">recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 452pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.93pt;">our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 463.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.93pt;">also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 475pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.91pt;">broader economic conditions may have on our loan portfolio&#8217;s performance. We generally also incorporate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 486.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.97pt;">information from other sources, including information and opinions available to our Manager, to further inform<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 498pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.96pt;">these estimations. This process requires significant judgments about future events that, while based on the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 509.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 458.91pt;">information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 521pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 369.58pt;">condition impacting our portfolio could vary significantly from the estimates we made as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 464.08pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 527.6600000000001pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 538.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre; width: 3.5pt;">&#8226;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: underline; white-space: pre; width: 46.6pt;">Impairment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 141.1pt; position: var(--position); white-space: pre; width: 6.17pt;">: <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 147.27pt; position: var(--position); text-decoration: none; white-space: pre; width: 406.15pt;">impairment is indicated when it is deemed probable that we will not be able to collect all amounts<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 550pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.85pt;">due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 561.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 459pt;">judgment from management and is based on several factors including (i) the underlying collateral performance,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 573pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">(ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower&#8217;s<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 584.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.83pt;">ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 596pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.85pt;">record the impairment as a component of our CECL reserves by applying the practical expedient for collateral<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 607.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.91pt;">dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 619pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.89pt;">estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 630.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.95pt;">valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 642pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.95pt;">leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 653.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 665pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.87pt;">ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 676.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.87pt;">consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 688pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.94pt;">recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 699.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 382.54pt;">concluded if, in our determination, it is nearly certain that all amounts due will not be collected.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 477.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 717pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 728.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">78<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 495pt;"></div></div><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 46.54pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 105.03999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.27pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 184.31pt; position: var(--position); white-space: pre; width: 3.01pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.6pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.92pt; position: var(--position); white-space: pre; width: 86.12pt;">, our CECL reserves <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 338.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.71pt;">increase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.75pt; position: var(--position); white-space: pre; width: 21.02pt;">d by <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.36pt;">$7.7&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 441.13pt; position: var(--position); white-space: pre; width: 112.21pt;">, bringing our total reserves<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 65.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 10.31pt;">to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 68.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.89pt;">$754.2&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.7pt; position: var(--position); white-space: pre; width: 24.27pt;"> as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 151.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 215.63pt; position: var(--position); white-space: pre; width: 47.85pt;">. See Notes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 263.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">2<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 268.48pt; position: var(--position); white-space: pre; width: 19.51pt;"> and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 287.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 5pt;">3<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 292.99pt; position: var(--position); white-space: pre; width: 260.35pt;"> to our consolidated financial statements for further discussion of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 79.08pt;">our CECL reserves.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 84.59pt;">Revenue Recognition<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 143.09pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 124pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">Interest income from our loans receivable portfolio is recognized over the life of each investment using the effective<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 135.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 147pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 158.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.8pt;">suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 170pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 181.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 204.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 216pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 193.63pt;">general and administrative expenses as incurred.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 245.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Real Estate Owned<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 263pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 274.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.9pt;">foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision-<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 286pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 309pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 331.29pt;">acquisition date in accordance with the ASC Topic 805, &#8220;Business Combinations.&#8221;<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 332.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 344pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">buildings, tenant improvements, &#8220;above-market&#8221; and &#8220;below-market&#8221; leases, acquired in-place leases, other identified<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 355.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 367pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 44.79pt;">liabilities. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 103.28999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 450.07pt;"><span style="background-color: inherit;">We assess and consider fair value based on estimated cash flow projections that utilize discount and/or</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 378.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;"><span style="background-color: inherit;">capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 390pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;"><span style="background-color: inherit;">are based on a number of factors including the historical operating results, known and anticipated trends, and market and</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 401.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 87.96pt;"><span style="background-color: inherit;">economic conditions. </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.45999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 294.82pt;">We capitalize acquisition-related costs associated with asset acquisitions. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 441.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 419pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets&#8217;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 430.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 139.62pt;">estimated useful lives of up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 198.12pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">40<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 208.12pt; position: var(--position); white-space: pre; width: 111.02pt;"> years for buildings and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.14pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">10<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.14pt; position: var(--position); white-space: pre; width: 224.26pt;"> years for tenant improvements. Renovations and/or<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 442pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 465pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 200.55pt;">repairs and maintenance are expensed as incurred.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 488.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 500pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.97pt;">asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 511.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 422.8pt;">impairment loss is recognized when the carrying value of the real estate assets exceed their fair value. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 481.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 72.1pt;"><span style="background-color: inherit;">The evaluation of</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 523pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.93pt;"><span style="background-color: inherit;">anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 534.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 422.46pt;"><span style="background-color: inherit;">rates, capital requirements and anticipated holding periods that could differ materially from actual results.</span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;">Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 &#8220;Property,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 569.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">Plant, and Equipment.&#8221; Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 592.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 604pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;">reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 615.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.99pt;">sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 627pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 292.05pt;">investment, and (ii) its estimated fair value at the time of reclassification.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 650.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 24.44pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 146.51999999999998pt; position: var(--position); white-space: pre; width: 36.08pt;">, we had <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.6pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.97pt;">eight<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 202.57pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 205.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 238.3pt;">REO assets which were all classified as held for investment<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 443.37pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 673.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 576pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">79<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: absolute; top: 36pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_549755815912"></div><div style="line-height: 10pt; position: var(--position); top: 36pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40.5pt; position: var(--position); text-decoration: underline; white-space: pre;">VI. Loan Portfolio Details<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 53.5pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre;">The following table provides details of our loan portfolio, on a loan-by-loan basis, as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 393.22pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 456.8pt; position: var(--position); white-space: pre;"> ($ in millions):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 65pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 0.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 8.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 4.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/></tr><tr style="height: 15.75pt;"><td colspan="26" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 7.12pt; width: 707.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Senior Loan Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 76.78999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 29.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.52pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 15.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.4pt; position: var(--position); text-decoration: none; white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.14pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.1pt; position: var(--position); white-space: pre;">Date<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.08pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.39pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.83pt; position: var(--position); white-space: pre;">Commitment<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.11pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.74pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.95pt; position: var(--position); text-decoration: none; white-space: pre;">Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.62pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.48pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.84pt; position: var(--position); white-space: pre;">Cash<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.92pt; position: var(--position); white-space: pre;">Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.009999999999998pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.73pt; position: var(--position); white-space: pre;">All-in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.37pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 25.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.36pt; position: var(--position); white-space: pre;">Maximum<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.55pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.629999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 15.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.75pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Per<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.42pt; position: var(--position); text-decoration: none; white-space: pre;">SQFT / Unit / <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.74pt; position: var(--position); text-decoration: none; white-space: pre;">Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 15.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.89pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.63pt; position: var(--position); white-space: pre;">LTV<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 28.060000000000002pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 15.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.85pt; position: var(--position); text-decoration: none; white-space: pre;">Risk<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.08pt; position: var(--position); text-decoration: none; white-space: pre;">Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 45pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 45pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.75pt;">Dublin, IE<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/14/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 34.96pt;"></span></span><span style="left: 41.59pt; position: var(--position);">972<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">913<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">910<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.20<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.95<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/29/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 45pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$267 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 45pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 45pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 57.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, AU<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/24/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">827<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">827<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">822<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.07<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/21/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$376 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 57.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 57.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 70.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.17pt;">Diversified, Spain<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/22/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">529<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">529<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">529<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.31<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/15/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 70.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 48.85pt; position: var(--position); text-decoration: none; white-space: pre;">n / a<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 70.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 70.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 83.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/23/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">480<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">475<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">474<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.04<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 83.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$637,813 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 83.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">58<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 83.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 96pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.28pt;">Diversified, SE<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">475<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">475<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">473<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.20<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.41<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/15/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 96pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$91 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 96pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 96pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">6<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Self-Storage<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 108.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.83pt;">Diversified, CAN<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/20/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">434<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">434<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">434<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 108.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$151 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">58<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 108.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 121.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">7<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 121.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Austin<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/28/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">675<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">421<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">415<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.07<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 121.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$349 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 121.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">53<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 121.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">8<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 134.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">385<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">380<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">380<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 134.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$130 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 134.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 134.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">9<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 147pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Diversified, EUR<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/15/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">315<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">315<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">315<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/16/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 147pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$240,739 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 147pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">53<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 147pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">10<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 159.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/23/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">333<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">313<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">308<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/24/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 159.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$345,959 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 159.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 159.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 172.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">11<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 172.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.65pt;">Chicago<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/11/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">356<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">304<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">305<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+1.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+1.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 172.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$254 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 172.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">78<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 172.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 185.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">12<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 185.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/6/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">295<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">295<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">294<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.79<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/6/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 185.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$93 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 185.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">53<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 185.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 198pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">13<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 198pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.75pt;">Washington, DC<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/29/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">293<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">288<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">287<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.81<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.07<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 198pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$375 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 198pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 198pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 210.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">14<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 210.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/30/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">286<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">286<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">247<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.43<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.43<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 210.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$306,870 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 210.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 210.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 223.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">15<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 223.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.42pt;">Dallas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">277<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">277<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">277<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.88<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 223.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$146,437 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 223.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 223.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 236.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">16<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Other<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 236.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/11/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">276<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">276<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">276<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.13<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.06<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/14/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 236.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$273 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 236.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 236.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">17<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 249pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/27/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">273<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">270<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">269<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.83<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 249pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$709,360 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 249pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 249pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 261.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">18<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 261.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/17/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">280<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">262<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">262<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(7)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.85<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/30/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 261.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$819 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 261.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 261.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 274.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">19<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 274.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.75pt;">Seattle<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/26/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">338<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">257<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">255<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.10<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 274.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$538 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 274.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">56<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 274.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 287.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">20<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 287.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.42pt;">Dallas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/14/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">255<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">255<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">255<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/14/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 287.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$206,610 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 287.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 287.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 300pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">21<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 300pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/11/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">243<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">243<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">241<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/7/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 300pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$308 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 300pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 300pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 312.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">22<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 312.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 16.88pt;">Reno<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/23/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">245<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">235<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">234<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.84<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 312.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$217,893 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 312.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 312.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 325.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">23<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 325.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/16/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">236<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">227<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">226<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.51<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/15/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 325.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$232,737 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 325.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 325.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 338.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">24<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 338.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/22/2016<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">252<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">222<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">216<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 10.45pt;"></span></span><span style="left: 13.079999999999998pt; position: var(--position);">+10.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 10.45pt;"></span></span><span style="left: 13.079999999999998pt; position: var(--position);">+10.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/9/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 338.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$313 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 338.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 338.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 351pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">25<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 351pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/28/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">212<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">212<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">212<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/26/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 351pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$508 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 351pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 351pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 363.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">26<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 363.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.4pt;">Berlin, DEU<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/27/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">207<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">207<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">207<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.93<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/15/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 363.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$436 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 363.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 363.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 376.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">27<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 376.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/29/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">205<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">199<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">199<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/27/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 376.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$263 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 376.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 376.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 389.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">28<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 389.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 389.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 389.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/28/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 389.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">198<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 389.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">198<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 389.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">196<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 389.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.45<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 389.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 389.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 389.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 389.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/28/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 389.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$124 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 389.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 389.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 402pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">29<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 402pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 402pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 37.53pt;">Boca Raton<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 402pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 402pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">195<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 402pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">195<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 402pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">195<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(7)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 402pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 402pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 402pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 402pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$396,175 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 402pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">58<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 402pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 414.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">30<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 414.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 414.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 414.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/23/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 414.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">244<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 414.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">184<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 414.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">184<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 414.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 16.3pt;"></span></span><span style="left: 18.93pt; position: var(--position);">-1.30<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 438pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(8)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 414.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 16.3pt;"></span></span><span style="left: 18.93pt; position: var(--position);">-0.92<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 414.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 414.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$596 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 414.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">53<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 414.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 576pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">80<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: var(--position); top: 36pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 0.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 8.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 4.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/></tr><tr style="height: 15.75pt;"><td colspan="26" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 7.12pt; width: 707.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Senior Loan Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 76.78999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 29.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.52pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 15.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.4pt; position: var(--position); text-decoration: none; white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.14pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.1pt; position: var(--position); white-space: pre;">Date<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.08pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.39pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.83pt; position: var(--position); white-space: pre;">Commitment<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.11pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.74pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.95pt; position: var(--position); text-decoration: none; white-space: pre;">Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.62pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.48pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.84pt; position: var(--position); white-space: pre;">Cash<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.92pt; position: var(--position); white-space: pre;">Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.009999999999998pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.73pt; position: var(--position); white-space: pre;">All-in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.37pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 25.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.36pt; position: var(--position); white-space: pre;">Maximum<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.55pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.629999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 15.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.75pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Per<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.42pt; position: var(--position); text-decoration: none; white-space: pre;">SQFT / Unit / <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.74pt; position: var(--position); text-decoration: none; white-space: pre;">Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 15.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.89pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.63pt; position: var(--position); white-space: pre;">LTV<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 28.060000000000002pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 15.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.85pt; position: var(--position); text-decoration: none; white-space: pre;">Risk<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.08pt; position: var(--position); text-decoration: none; white-space: pre;">Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 45pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">31<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 45pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Denver<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/15/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 34.96pt;"></span></span><span style="left: 41.59pt; position: var(--position);">191<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">182<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">168<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.90<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.90<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 45pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$362 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 45pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 45pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">32<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Life Sciences<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 57.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.66pt;">Boston<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/13/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">199<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">179<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">179<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.92<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$910 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 57.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 57.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">33<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 70.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.42pt;">Dallas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/27/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">178<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">178<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">178<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.10<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 70.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$116,020 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 70.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 70.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">34<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Retail<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 83.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">174<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">174<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">174<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.95<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.17<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/15/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 83.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$148 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 83.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">55<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 83.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 96pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.17pt;">Diversified, US<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/13/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">189<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">170<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">168<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.10<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.48<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 96pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.09pt; position: var(--position); text-decoration: none; white-space: pre;">$712,605 / acre<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 96pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 96pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">36<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 108.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.17pt;">Diversified, Spain<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">185<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">168<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">167<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.67<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 108.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$144,944 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 108.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 121.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">37<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 121.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Atlanta<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/27/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">184<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">163<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">162<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.31<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.31<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 121.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$137 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 121.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 121.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">38<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 134.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/21/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">160<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">160<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">160<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.83<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.15<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/29/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 134.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$324 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 134.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">67<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 134.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">39<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 147pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/17/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">203<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">158<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">158<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.12<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.15<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/25/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 147pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$130 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 147pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">43<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 147pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">40<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 159.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/7/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">156<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">156<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">156<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.45<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 159.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$624,000 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 159.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 159.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 172.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">41<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 172.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/4/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">153<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">153<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">153<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.24<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 172.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$251,647 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 172.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 172.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 185.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">42<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 185.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.28pt;">Fort Lauderdale<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/7/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">155<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">152<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">151<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.94<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 185.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$392 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 185.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">55<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 185.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 198pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">43<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Self-Storage<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 198pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/18/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">146<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">146<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">146<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.51<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/18/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 198pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$181 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 198pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">65<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 198pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 210.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">44<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 210.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/20/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">145<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">145<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">145<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.22<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.22<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/18/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 210.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$736 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 210.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 210.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 223.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">45<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 223.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/10/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">135<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">135<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">135<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.36<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 223.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$452 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 223.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">49<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 223.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 236.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">46<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 236.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, AU<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/10/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">134<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">134<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">133<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.85<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/10/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 236.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$404,550 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 236.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 236.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">47<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 249pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.75pt;">Dublin, IE<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/15/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">136<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">134<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">134<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 249pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$335,410 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 249pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">79<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 249pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 261.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">48<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 261.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.76pt;">San Jose<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/24/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">156<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">133<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">133<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.98<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 261.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$318 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 261.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">65<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 261.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 274.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">49<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 274.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/23/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">129<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">129<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">128<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/15/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 274.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$952 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 274.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 274.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 287.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">50<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 287.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.96pt;">San Bernardino<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/14/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">128<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">127<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">127<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.81<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.05<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 287.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$255,362 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 287.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 287.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 300pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">51<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 300pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/28/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">130<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">127<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">126<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.55<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 300pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$334 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 300pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 300pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 312.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">52<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 312.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.76pt;">San Jose<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/20/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">150<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">126<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">109<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+8.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+8.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 312.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$323 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 312.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 312.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 325.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 325.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/27/2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">125<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">125<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">124<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.17<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 325.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$260,417 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 325.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 325.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 338.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Retail<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 338.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.53pt;">San Diego<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/27/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">122<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">121<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">121<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.35<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 338.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$459 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 338.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">58<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 338.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 351pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">55<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 351pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/1/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">120<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">120<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">120<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 351pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$298,507 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 351pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 351pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 363.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">56<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 363.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.18pt;">Napa Valley<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/29/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">118<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">118<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">118<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.77<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/18/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 363.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 8.85pt; position: var(--position); text-decoration: none; white-space: pre;">$1,240,799 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 363.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 363.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 376.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">57<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 376.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.1pt;">Houston<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/15/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">136<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">116<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">115<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.01<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.22<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 376.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$209 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 376.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">58<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 376.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 389.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 389.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 389.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.5pt;">Diversified, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 389.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/29/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 389.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">112<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 389.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">112<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 389.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">112<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 389.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.02<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 389.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 389.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.28<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 389.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 389.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/29/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 389.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 17.96pt; position: var(--position); text-decoration: none; white-space: pre;">$48,954 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 389.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 389.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 402pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">59<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 402pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 402pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.21pt;">Phoenix<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 402pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/29/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 402pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">110<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 402pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">110<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 402pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">110<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 402pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.85<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 402pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.02<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 402pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 402pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$189,003 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 402pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 402pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 414.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">60<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 414.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 414.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 414.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/10/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 414.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">109<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 414.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">109<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 414.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">109<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 414.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 414.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 414.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/11/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 414.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$666 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 414.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">48<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 414.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 576pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">81<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: var(--position); top: 36pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 0.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 8.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 4.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/></tr><tr style="height: 15.75pt;"><td colspan="26" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 7.12pt; width: 707.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Senior Loan Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 76.78999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 29.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.52pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 15.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.4pt; position: var(--position); text-decoration: none; white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.14pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.1pt; position: var(--position); white-space: pre;">Date<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.08pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.39pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.83pt; position: var(--position); white-space: pre;">Commitment<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.11pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.74pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.95pt; position: var(--position); text-decoration: none; white-space: pre;">Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.62pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.48pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.84pt; position: var(--position); white-space: pre;">Cash<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.92pt; position: var(--position); white-space: pre;">Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.009999999999998pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.73pt; position: var(--position); white-space: pre;">All-in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.37pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 25.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.36pt; position: var(--position); white-space: pre;">Maximum<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.55pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.629999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 15.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.75pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Per<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.42pt; position: var(--position); text-decoration: none; white-space: pre;">SQFT / Unit / <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.74pt; position: var(--position); text-decoration: none; white-space: pre;">Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 15.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.89pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.63pt; position: var(--position); white-space: pre;">LTV<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 28.060000000000002pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 15.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.85pt; position: var(--position); text-decoration: none; white-space: pre;">Risk<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.08pt; position: var(--position); text-decoration: none; white-space: pre;">Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 45pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 45pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.21pt;">Honolulu<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/13/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 34.96pt;"></span></span><span style="left: 41.59pt; position: var(--position);">108<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">108<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">108<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.36<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 45pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$166,803 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 45pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 45pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">62<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 57.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 58.17pt;">Diversified, Spain<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/23/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">113<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">107<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">107<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.65<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/16/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$124,521 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 57.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 57.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">63<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Studio<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 70.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/28/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">106<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">106<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.03<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/1/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 70.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$531 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 70.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">48<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 70.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">64<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 83.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.2pt;">Tampa<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/15/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">106<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">106<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.85<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 83.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$241,972 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 83.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">73<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 83.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">65<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 96pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Orange County<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/31/2017<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 96pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$162 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 96pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">58<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 96pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">66<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 108.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.98pt;">Minneapolis<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/27/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">104<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">102<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">98<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 108.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$93 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 108.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 121.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">67<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 121.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.65pt;">Chicago<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">100<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">100<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">100<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 22.37pt; position: var(--position); text-decoration: none; white-space: pre;">5.00<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 22.37pt; position: var(--position); text-decoration: none; white-space: pre;">5.00<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 121.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$111 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 121.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">43<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 121.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">68<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 134.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.21pt;">Honolulu<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/30/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">99<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">99<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">99<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.55<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 134.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$270,109 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 134.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">63<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 134.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 147pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/18/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">99<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">99<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">98<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.95<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 147pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$51 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 147pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">55<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 147pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">70<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 159.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/29/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">98<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+1.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 159.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$271,118 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 159.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 159.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 172.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">71<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 172.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.2pt;">San Antonio<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/20/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">96<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.16<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 172.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$449,074 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 172.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 172.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 185.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">72<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 185.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.21pt;">Phoenix<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/1/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+1.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.79<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/1/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 185.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$223,410 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 185.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">77<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 185.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 198pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">73<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 198pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.97pt;">Philadelphia<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/28/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">96<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">96<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">95<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.24<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 198pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$352,399 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 198pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">79<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 198pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 210.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">74<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 210.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.2pt;">Orlando<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/27/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.81<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 210.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$155,612 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 210.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 210.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 223.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">75<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 223.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.75pt;">Seattle<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/13/2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">94<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 223.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$500,796 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 223.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">68<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 223.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 236.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">76<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 236.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.61pt;">Diversified, NL<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/27/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.97<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/31/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 236.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$111,552 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 236.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 236.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">77<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 249pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.66pt;">Boston<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/3/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.99<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 249pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$418,182 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 249pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 249pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 261.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">78<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 261.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 53.75pt;">Washington, DC<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/21/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">103<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.94<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 261.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$315 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 261.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">68<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 261.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 274.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">79<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 274.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.17pt;">Diversified, BE<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/7/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">102<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">90<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">89<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.32<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/7/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 274.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$38 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 274.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">57<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 274.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 287.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">80<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 287.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.07pt;">San Francisco<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/16/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">88<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">88<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">88<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.36<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+7.36<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 287.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$191,807 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 287.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 287.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 300pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">81<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 300pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.07pt;">San Francisco<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/14/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">106<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">88<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">88<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.95<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.84<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 300pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$182 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 300pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 300pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 312.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">82<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 312.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.87pt;">St. Louis<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/25/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">85<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">85<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">86<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.10<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/1/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 312.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 17.96pt; position: var(--position); text-decoration: none; white-space: pre;">$80,339 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 312.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 312.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 325.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">83<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 325.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.75pt;">Charlotte<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/29/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">82<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">82<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">82<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.01<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 325.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$223,735 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 325.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">78<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 325.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 338.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">84<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 338.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.63pt;">Melbourne, AU<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/15/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">81<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">81<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">81<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.54<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/15/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 338.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 17.96pt; position: var(--position); text-decoration: none; white-space: pre;">$59,452 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 338.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">38<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 338.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 351pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">85<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 351pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.17pt;">Diversified, US<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/27/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">79<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">78<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">78<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.35<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 351pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$116,529 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 351pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">67<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 351pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 363.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">86<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 363.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.2pt;">Tampa<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/21/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">74<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">74<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">74<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.94<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 363.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$217,353 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 363.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">77<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 363.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 376.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">87<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 376.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.75pt;">Dublin, IE<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/17/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">77<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">73<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">72<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.35<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.83<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/17/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 376.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$113 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 376.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 376.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 389.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">88<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 389.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 389.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.75pt;">Tacoma<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 389.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/28/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 389.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 389.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 389.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 389.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 389.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 389.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 389.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 389.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 389.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$209,864 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 389.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 389.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 402pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">89<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 402pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 402pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.42pt;">London, UK<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 402pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/16/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 402pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 402pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 402pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">68<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 402pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 402pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.19<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 402pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 402pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/16/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 402pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$507,151 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 402pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 402pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 414.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">90<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 414.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 414.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">Las Vegas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 414.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/31/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 414.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">70<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 414.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">65<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 414.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">65<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 414.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 414.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.14<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 414.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 414.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 414.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$143,130 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 414.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 414.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 576pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">82<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: var(--position); top: 36pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 0.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 8.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 4.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/></tr><tr style="height: 15.75pt;"><td colspan="26" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 7.12pt; width: 707.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Senior Loan Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 76.78999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 29.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.52pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 15.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.4pt; position: var(--position); text-decoration: none; white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.14pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.1pt; position: var(--position); white-space: pre;">Date<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.08pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.39pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.83pt; position: var(--position); white-space: pre;">Commitment<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.11pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.74pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.95pt; position: var(--position); text-decoration: none; white-space: pre;">Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.62pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.48pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.84pt; position: var(--position); white-space: pre;">Cash<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.92pt; position: var(--position); white-space: pre;">Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.009999999999998pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.73pt; position: var(--position); white-space: pre;">All-in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.37pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 25.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.36pt; position: var(--position); white-space: pre;">Maximum<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.55pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.629999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 15.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.75pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Per<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.42pt; position: var(--position); text-decoration: none; white-space: pre;">SQFT / Unit / <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.74pt; position: var(--position); text-decoration: none; white-space: pre;">Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 15.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.89pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.63pt; position: var(--position); white-space: pre;">LTV<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 28.060000000000002pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 15.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.85pt; position: var(--position); text-decoration: none; white-space: pre;">Risk<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.08pt; position: var(--position); text-decoration: none; white-space: pre;">Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 45pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">91<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 45pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.18pt;">Salt Lake City<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 38.96pt;"></span></span><span style="left: 45.59pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 26.96pt;"></span></span><span style="left: 33.59pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 26.96pt;"></span></span><span style="left: 33.59pt; position: var(--position);">62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.06<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 45pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$224,185 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 45pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">73<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 45pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">92<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 57.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/6/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">62<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">62<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">62<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 22.37pt; position: var(--position); text-decoration: none; white-space: pre;">6.00<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 22.37pt; position: var(--position); text-decoration: none; white-space: pre;">6.00<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$254 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 57.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">65<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 57.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">93<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 70.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 30.64pt;">Nashville<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">65<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.95<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.20<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 70.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$252 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 70.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 70.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">94<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 83.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Bermuda<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/26/2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">69<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.95<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.62<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 83.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$693,780 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 83.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">39<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 83.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">95<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 96pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 51.28pt;">Fort Lauderdale<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/10/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">60<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">60<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.30<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.54<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 96pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$209 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 96pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">68<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 96pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">96<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 108.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.21pt;">Phoenix<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/17/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.65<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.85<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 108.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$209,601 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 108.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 121.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">97<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 121.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/14/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">58<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.30<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.30<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 121.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$122 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 121.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">65<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 121.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">98<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 134.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Atlanta<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/6/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">55<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">55<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">55<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 134.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$187,075 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 134.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 134.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 7.37pt; position: var(--position); text-decoration: none; white-space: pre;">99<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 147pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 39.98pt;">Minneapolis<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/12/2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">61<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">55<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.85<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.23<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 147pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 147pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$77 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 147pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 147pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 159.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">100<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 159.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Denver<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/5/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 159.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">56<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 159.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 159.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.21<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 159.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 159.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 159.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$205 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 159.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 159.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 172.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">101<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 172.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.17pt;">Diversified, US<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/14/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 172.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 172.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">54<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.01<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 172.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.35<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 172.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 172.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 172.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$40 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 172.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">57<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 172.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 185.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">102<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 185.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/28/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 185.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 185.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 185.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.99<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 185.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 185.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 185.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$303,097 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 185.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 185.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 198pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">103<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 198pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/22/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 198pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 198pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 198pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.91<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 198pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 198pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 198pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$306 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 198pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">63<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 198pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 210.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">104<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Self-Storage<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 210.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.17pt;">Diversified, US<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/18/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 210.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">53<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 210.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">52<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.10<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 210.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.47<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 210.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 210.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 210.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.41pt; position: var(--position); text-decoration: none; white-space: pre;">$92 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 210.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">67<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 210.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 223.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 223.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Denver<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/7/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 223.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">57<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">52<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 223.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">52<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 223.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.48<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 223.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 223.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 223.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$152 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 223.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 223.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 236.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">106<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 236.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Denver<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/19/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 236.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">51<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">51<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 236.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">51<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 236.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.92<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 236.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 236.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 236.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$221,739 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 236.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 236.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 249pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">107<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 249pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.64pt;">Waimea<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/27/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 249pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">50<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">50<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 249pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">50<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 249pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.92<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 249pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 249pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 249pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$823,353 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 249pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 249pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 261.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">108<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 261.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/20/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 261.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">48<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">48<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 261.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">48<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 261.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 261.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 261.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 261.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$366,412 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 261.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">60<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 261.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 274.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">109<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Retail<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 274.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.65pt;">Chicago<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/30/2016<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 274.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">55<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">46<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 274.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">46<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.33<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 274.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.82<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 274.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 274.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 274.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$804 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 274.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">54<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 274.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 287.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">110<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 287.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.88pt;">Columbus<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/8/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 287.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">48<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">44<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 287.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">44<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.75<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 287.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 287.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 287.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 287.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$143,150 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 287.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 287.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 300pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">111<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 300pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.42pt;">Dallas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/29/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 300pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">43<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">43<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 300pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">43<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.05<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 300pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.24<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 300pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 300pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/1/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 300pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$144,167 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 300pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">73<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 300pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 312.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">112<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 312.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">Las Vegas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/29/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 312.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">42<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">42<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 312.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">42<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 312.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.06<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 312.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 312.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 312.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$167,113 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 312.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 312.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 325.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">113<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 325.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">Las Vegas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/31/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 325.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">42<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">38<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 325.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">38<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 325.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.15<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 325.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 325.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 325.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$150,072 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 325.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 325.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 338.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">114<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 338.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Austin<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/26/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 338.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">36<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">36<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 338.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">36<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 338.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 338.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 338.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 338.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$196,228 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 338.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">64<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 338.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 351pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">115<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 351pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/23/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 351pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 351pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+1.71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 351pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 351pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 351pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/15/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 351pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$172,182 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 351pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">68<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 351pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 363.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">116<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 363.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/1/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 363.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 363.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 363.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.24<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 363.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 363.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 363.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$372,340 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 363.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 363.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 376.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">117<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 376.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 29.31pt;">Corvallis<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/23/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 376.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 376.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 376.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 376.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 376.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/26/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 376.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 17.96pt; position: var(--position); text-decoration: none; white-space: pre;">$96,493 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 376.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 376.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 388.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">118<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 388.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 388.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 388.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/23/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 388.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 388.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 388.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 388.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.11<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 388.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 388.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.33<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 388.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 388.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/1/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 388.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$247 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 388.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">30<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 388.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 401.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">119<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 401.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 401.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.65pt;">Chicago<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 401.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/19/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 401.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">38<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 401.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">32<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 401.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">32<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 401.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 401.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 401.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 401.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 401.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 401.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$184,388 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 401.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">53<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 401.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 414pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">120<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 414pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 414pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Atlanta<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 414pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/3/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 414pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">32<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 414pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">32<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 414pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">32<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 414pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 414pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 414pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 414pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 414pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 414pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$182,093 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 414pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">53<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 414pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 15.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 576pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">83<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: var(--position); top: 36pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 0.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 8.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 65.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 4.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/></tr><tr style="height: 15.75pt;"><td colspan="26" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 707.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 7.12pt; width: 707.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Senior Loan Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 76.78999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 29.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.52pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 15.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.4pt; position: var(--position); text-decoration: none; white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.14pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.1pt; position: var(--position); white-space: pre;">Date<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.08pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 15.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.39pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.83pt; position: var(--position); white-space: pre;">Commitment<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.11pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.74pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.95pt; position: var(--position); text-decoration: none; white-space: pre;">Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 15.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.62pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.48pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.84pt; position: var(--position); white-space: pre;">Cash<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.92pt; position: var(--position); white-space: pre;">Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.009999999999998pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 15.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.73pt; position: var(--position); white-space: pre;">All-in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.37pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 25.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 15.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 15.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.36pt; position: var(--position); white-space: pre;">Maximum<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.55pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.629999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 15.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16.75pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Per<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.42pt; position: var(--position); text-decoration: none; white-space: pre;">SQFT / Unit / <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 25.74pt; position: var(--position); text-decoration: none; white-space: pre;">Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 15.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.89pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.63pt; position: var(--position); white-space: pre;">LTV<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 28.060000000000002pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 15.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.85pt; position: var(--position); text-decoration: none; white-space: pre;">Risk<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.08pt; position: var(--position); text-decoration: none; white-space: pre;">Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 45pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">121<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 45pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Austin<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/15/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 45pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 38.96pt;"></span></span><span style="left: 45.59pt; position: var(--position);">36<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 26.96pt;"></span></span><span style="left: 33.59pt; position: var(--position);">32<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 45pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 26.96pt;"></span></span><span style="left: 33.59pt; position: var(--position);">32<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.06<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 45pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.06<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 45pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 45pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 45pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$153 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 45pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">40<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 45pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">122<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 57.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Charlotte<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/19/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 57.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">28<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">28<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 57.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">28<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 57.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 57.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 57.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 57.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$178,019 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 57.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">61<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 57.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 70.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">123<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 70.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.42pt;">Dallas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/3/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 70.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">27<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">27<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 70.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">27<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 70.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.96<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 70.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 70.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 70.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$160,023 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 70.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">57<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 70.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 83.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">124<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 83.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.63pt;">Melbourne, AU<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/26/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 83.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">26<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">26<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 83.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">26<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 83.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.94<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 83.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 83.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/23/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 83.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$279,121 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 83.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">68<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 83.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 96pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">125<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 96pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">2/21/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 96pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">24<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">24<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 96pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">24<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.25<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 96pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 96pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 96pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 96pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 28.41pt; position: var(--position); text-decoration: none; white-space: pre;">$775 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 96pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">59<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 96pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 108.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">126<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 108.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.53pt;">Atlanta<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/1/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 108.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">23<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">23<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 108.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">23<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 108.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+4.03<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 108.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 108.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/9/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 108.75pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 14.85pt; position: var(--position); text-decoration: none; white-space: pre;">$129,442 / key<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 108.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">74<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 108.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 121.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">127<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 121.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">Las Vegas<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/4/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 121.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">22<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">22<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 121.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">22<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 121.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.13<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 121.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 121.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 121.5pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">$180,000 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 121.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">73<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 121.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 134.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">128<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 134.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 28.87pt;">St. Louis<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">6/25/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 134.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">12<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">12<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 134.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">11<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 134.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.10<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 134.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 134.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/1/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 559.5pt; position: var(--position); top: 134.25pt; width: 65.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 65.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 17.96pt; position: var(--position); text-decoration: none; white-space: pre;">$21,273 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 134.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">63<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 134.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="7" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 147pt; width: 203.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 203.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal: Senior loan portfolio<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 147pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 24.96pt;"></span></span><span style="left: 31.59pt; position: var(--position);">19,537<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 12.96pt;"></span></span><span style="left: 19.59pt; position: var(--position);">18,593<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 147pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 12.96pt;"></span></span><span style="left: 19.59pt; position: var(--position);">18,464<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 387pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.32<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 147pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.68<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 147pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.85pt; position: var(--position); text-decoration: none; white-space: pre;">2.2 yrs<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 627.75pt; position: var(--position); top: 147pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">63<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 678pt; position: var(--position); top: 147pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 9.62pt; position: var(--position); text-decoration: none; white-space: pre;">3.0<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 576pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 13.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">84<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 36pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 708.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 0.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 57pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 14.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 9pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 39pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 12pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 8.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 50.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 63.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 45.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 4.5pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 29.25pt;"/></tr><tr style="height: 12.75pt;"><td colspan="27" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 708.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 708.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); white-space: pre;">Subordinate Loan Portfolio<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 96.77pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(9)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 29.25pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 12.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.52pt; position: var(--position); text-decoration: none; white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 12.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.4pt; position: var(--position); text-decoration: none; white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 12.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.14pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.1pt; position: var(--position); white-space: pre;">Date<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.08pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 12.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.39pt; position: var(--position); white-space: pre;">Total<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 57pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.83pt; position: var(--position); white-space: pre;">Commitment<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 48.11pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.74pt; position: var(--position); text-decoration: none; white-space: pre;">Principal<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.95pt; position: var(--position); text-decoration: none; white-space: pre;">Balance<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 12.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.62pt; position: var(--position); white-space: pre;">Net Book<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.48pt; position: var(--position); white-space: pre;">Value<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 29.46pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(4)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 12.75pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.21pt; position: var(--position); white-space: pre;">Cash<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.3pt; position: var(--position); white-space: pre;">Coupon<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 30.39pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 12.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.73pt; position: var(--position); white-space: pre;">All-in<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 39pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.37pt; position: var(--position); white-space: pre;">Yield<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 25.57pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(5)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 12.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.36pt; position: var(--position); white-space: pre;">Maximum<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 50.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.55pt; position: var(--position); white-space: pre;">Maturity<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 37.629999999999995pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(6)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 12.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 16pt; position: var(--position); text-decoration: none; white-space: pre;">Loan Per<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.67pt; position: var(--position); text-decoration: none; white-space: pre;">SQFT / Unit / <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 24.99pt; position: var(--position); text-decoration: none; white-space: pre;">Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 12.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.89pt; position: var(--position); white-space: pre;">Origination<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 45.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 11.63pt; position: var(--position); white-space: pre;">LTV<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 28.060000000000002pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 12.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 12.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.85pt; position: var(--position); text-decoration: none; white-space: pre;">Risk<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 20.62pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.08pt; position: var(--position); text-decoration: none; white-space: pre;">Rating<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">129<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 42pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 42pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.65pt;">Chicago<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 42pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 42pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 34.96pt;"></span></span><span style="left: 41.59pt; position: var(--position);">143<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 42pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">110<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 42pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">110<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 42pt; width: 14.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 14.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(10)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 42pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 42pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.81pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 42pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">10/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 42pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$260 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 42pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 42pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 54.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">130<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 54.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 54.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 54.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/22/2019<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 54.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">122<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 54.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 54.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">105<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 54.75pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+2.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429pt; position: var(--position); top: 54.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 54.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+2.50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 54.75pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 54.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 54.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$781 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 54.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">69<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 54.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 67.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">131<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 67.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 67.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 67.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">5/1/2018<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 67.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 42.37pt; position: var(--position); text-decoration: none; white-space: pre;">102<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 67.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 30.37pt; position: var(--position); text-decoration: none; white-space: pre;">102<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 67.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">86<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 67.5pt; width: 14.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 14.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(10)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 67.5pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 67.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.81pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 67.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/7/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 67.5pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$466 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 67.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 67.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 80.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">132<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 80.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Industrial<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 80.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 50.17pt;">Diversified, US<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 80.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/10/2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 80.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">60<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 80.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">60<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 80.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">60<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 80.25pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+5.00<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429pt; position: var(--position); top: 80.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 80.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+5.12<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 80.25pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 80.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/9/2030<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 80.25pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$178 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 80.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 80.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 93pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">133<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 93pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Life Sciences<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 93pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 45.07pt;">San Francisco<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 93pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">11/10/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 93pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">72<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 93pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">57<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 93pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">57<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 93pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+8.71<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429pt; position: var(--position); top: 93pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 93pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+8.86<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 93pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 93pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 93pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$528 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 93pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">66<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 93pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 105.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">134<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 105.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 105.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 49.08pt;">Orange County<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 105.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">8/31/2017<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 105.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">64<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 105.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">57<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 105.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">40<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 105.75pt; width: 14.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 14.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(10)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 105.75pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 105.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.81pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 105.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">9/9/2026<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 105.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$324 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 105.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 105.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 118.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">135<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 118.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 118.5pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Miami<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 118.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/29/2022<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 118.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">47<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 118.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">44<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 118.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">44<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 118.5pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+8.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429pt; position: var(--position); top: 118.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 118.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+9.52<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 118.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 118.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/9/2027<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 118.5pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.46pt; position: var(--position); text-decoration: none; white-space: pre;">$374,250 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 118.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">72<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 118.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 131.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">136<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 131.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mixed-Use<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 131.25pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.52pt;">New York<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 131.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">3/10/2020<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 131.25pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 131.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">35<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 131.25pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">34<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 131.25pt; width: 14.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 14.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(10)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 131.25pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 131.25pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.81pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 131.25pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">7/11/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 131.25pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$997 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 131.25pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 131.25pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 144pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">137<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 144pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 144pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 40.19pt;">Los Angeles<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 144pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/30/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 144pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">46<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 144pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">30<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 144pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">30<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 144pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+8.80<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429pt; position: var(--position); top: 144pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 144pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+9.81<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 144pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 144pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 19.18pt; position: var(--position); text-decoration: none; white-space: pre;">1/9/2028<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 144pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.46pt; position: var(--position); text-decoration: none; white-space: pre;">$437,098 / unit<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 144pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">50<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 144pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 156.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 3.37pt; position: var(--position); text-decoration: none; white-space: pre;">138<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 156.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 81pt; position: var(--position); top: 156.75pt; width: 69pt;"><div><div style="line-height: 8pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 69pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.32pt;">Austin<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 153pt; position: var(--position); top: 156.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">4/15/2021<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 156.75pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 46.37pt; position: var(--position); text-decoration: none; white-space: pre;">24<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 156.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">24<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 156.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 34.37pt; position: var(--position); text-decoration: none; white-space: pre;">20<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 375pt; position: var(--position); top: 156.75pt; width: 14.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 14.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); top: -1.9389999999999998pt; vertical-align: super; white-space: pre;">(10)<span style="display: inline-block; height: 3.601pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 156.75pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 156.75pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.81pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 156.75pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 15.18pt; position: var(--position); text-decoration: none; white-space: pre;">12/9/2029<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 562.5pt; position: var(--position); top: 156.75pt; width: 63.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 63.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 26.91pt; position: var(--position); text-decoration: none; white-space: pre;">$269 / sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 156.75pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 32.56pt; position: var(--position); text-decoration: none; white-space: pre;">n/m<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 156.75pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 12.62pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="7" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 169.5pt; width: 203.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 203.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal: subordinate loan portfolio<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 169.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 34.96pt;"></span></span><span style="left: 41.59pt; position: var(--position);">714<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 169.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">625<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 169.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 22.96pt;"></span></span><span style="left: 29.59pt; position: var(--position);">586<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 169.5pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+5.76<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 169.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+6.04<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 169.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.85pt; position: var(--position); text-decoration: none; white-space: pre;">3.2 yrs<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 169.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">67<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 169.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 9.62pt; position: var(--position); text-decoration: none; white-space: pre;">4.3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 12.75pt;"><td colspan="7" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 195pt; width: 203.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 203.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Subtotal: loans receivable portfolio<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 195pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 24.96pt;"></span></span><span style="left: 31.59pt; position: var(--position);">20,251<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 195pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 12.96pt;"></span></span><span style="left: 19.59pt; position: var(--position);">19,218<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 195pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 12.96pt;"></span></span><span style="left: 19.59pt; position: var(--position);">19,050<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 12.75pt;"><td colspan="7" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 207.75pt; width: 203.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 203.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total CECL reserve<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 3pt double #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 207.75pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 24.3pt;"></span></span><span style="left: 26.93pt; position: var(--position);">(742)<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 12.75pt;"><td colspan="7" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 220.5pt; width: 203.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 203.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total loans receivable portfolio<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 204pt; position: var(--position); top: 220.5pt; width: 57pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 57pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 24.96pt;"></span></span><span style="left: 31.59pt; position: var(--position);">20,251<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 273pt; position: var(--position); top: 220.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 12.96pt;"></span></span><span style="left: 19.59pt; position: var(--position);">19,218<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 330pt; position: var(--position); top: 220.5pt; width: 45pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 12.96pt;"></span></span><span style="left: 19.59pt; position: var(--position);">18,308<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 389.25pt; position: var(--position); top: 220.5pt; width: 39.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 15.2pt;"></span></span><span style="left: 17.83pt; position: var(--position);">+3.39<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 429pt; position: var(--position); top: 220.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 450pt; position: var(--position); top: 220.5pt; width: 39pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 39pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 14.45pt;"></span></span><span style="left: 17.08pt; position: var(--position);">+3.70<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 489pt; position: var(--position); top: 220.5pt; width: 12pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 12pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">%<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 509.25pt; position: var(--position); top: 220.5pt; width: 50.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 50.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 25.85pt; position: var(--position); text-decoration: none; white-space: pre;">2.2 yrs<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 629.25pt; position: var(--position); top: 220.5pt; width: 45.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 45.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 27.68pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt;"></span></span><span style="left: 27.68pt; position: var(--position);">63<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span><span style="left: 38.34pt; position: var(--position);">%<span style="display: inline-block; height: 5.54pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 679.5pt; position: var(--position); top: 220.5pt; width: 29.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 29.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 9.62pt; position: var(--position); text-decoration: none; white-space: pre;">3.0<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 274.25pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 285.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 684pt;">Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 297.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 23.59pt;">loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.09pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 308.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 683.79pt;">Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired and any junior participations sold. Origination dates are<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.29pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 320.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 239.4pt;">subsequently updated to reflect material loan modifications.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 331.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 429.41pt;">Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.91pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 343.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 266.31pt;">Net book value represents outstanding principal balance, net of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.81pt; position: var(--position); text-decoration: none; white-space: pre; width: 417.52pt;">purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.33pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 354.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.51pt;">proceeds<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 103.00999999999999pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 366.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 683.95pt;">The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 377.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 243.98pt;">CORRA, and other indices as applicable to each loan. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 311.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.9pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 375.38pt; position: var(--position); white-space: pre; width: 5.16pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 380.54pt; position: var(--position); text-decoration: none; white-space: pre; width: 197.82pt;">substantially all of our loans by principal balance<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 578.36pt; position: var(--position); white-space: pre; width: 173.09pt;"> earned a floating rate of interest, primarily<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 389.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 683.94pt;">indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 400.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 179.48pt;">discounts, as well as the accrual of exit fees. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.98pt; position: var(--position); text-decoration: none; white-space: pre; width: 341.83pt;">Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 588.81pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 591.31pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 412.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 469.47pt;">Maximum maturity assumes all extension options are exercised, however our loans may be repaid prior to such date. <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 536.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 214.37pt;">Excludes loans accounted for under the cost-recovery<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 423.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 125.14pt;">and nonaccrual methods, if any<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 192.64pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 195.14pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 435.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(7)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 590.12pt;">The net book value of these loans includes junior loan interests that we have sold, but that remain included in our consolidated financial statements.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 657.62pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 446.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(8)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 406.88pt;">This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 25.83pt;">3.02%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.21pt; position: var(--position); white-space: pre; width: 24.15pt;"> as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 524.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 587.94pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 458.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(9)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 683.91pt;">Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third-party, resulting in these subordinate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.41pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 469.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 683.83pt;">interests in mortgages, (ii) mezzanine loans, and (iii) the subordinate portion of loans that have been modified that have resulted in a restructured senior loan and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.33pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 481.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 68.82pt;">subordinate loan.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 136.32pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 492.75pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre; width: 16.66pt;">(10)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 683.88pt;">These subordinate loans are the result of a loan modification which resulted in a restructured senior loan and a subordinate loan. All of the subordinate loans are accounted<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 751.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 504.25pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 67.5pt; position: var(--position); white-space: pre; width: 143.46pt;">for under the cost-recovery method.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 210.96pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 612pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 792pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 540pt;"><div style="width: 711pt;"><div style="line-height: 10pt; position: var(--position); top: 49.42pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 391pt; position: var(--position); white-space: pre;">85<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 711pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_549755815607"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 40.5pt; position: var(--position); text-decoration: underline; white-space: pre;">VII. REO Asset Details<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 71.5pt; width: 792pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 40.5pt; position: var(--position); white-space: pre;">The following table provides details of our REO asset as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 279.97pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 343.55pt; position: var(--position); white-space: pre;"> ($ in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 92.19pt; width: 792pt;"><div style="font-size: 0pt; left: 40.5pt; position: var(--position); top: 0pt; width: 708pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 18pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 135pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 135pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 135pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 135pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 135pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 0pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 38.97pt; position: var(--position); white-space: pre;">Acquisition Date<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 0pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 52.4pt; position: var(--position); white-space: pre;">Location<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 0pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 42.52pt; position: var(--position); white-space: pre;">Property Type<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 0pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 19.66pt; position: var(--position); white-space: pre;">Acquisition Date Fair Value<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 0pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 36.41pt; position: var(--position); white-space: pre;">SQFT / Unit / Key<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 12.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">1<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 12.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">March 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 12.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Mountain View, CA<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 12.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 12.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 102.96pt;"></span></span><span style="left: 109.58999999999999pt; position: var(--position);">60,203<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 12.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 92.38pt; position: var(--position); white-space: pre;">150,507 sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 25.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">2<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 25.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">July 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 25.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">San Antonio, TX<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 25.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Multifamily<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 25.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 106.96pt;"></span></span><span style="left: 109.58999999999999pt; position: var(--position);">33,607<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 25.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 102.82pt; position: var(--position); white-space: pre;">388 units<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 38.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">3<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 38.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">September 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 38.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Burlington, MA<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 38.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 38.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 106.96pt;"></span></span><span style="left: 109.58999999999999pt; position: var(--position);">64,628<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 38.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 92.38pt; position: var(--position); white-space: pre;">379,018 sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 51pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">4<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 51pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">October 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 51pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Washington, DC<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 51pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 51pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 102.96pt;"></span></span><span style="left: 105.58999999999999pt; position: var(--position);">107,016<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 51pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 94.26pt; position: var(--position); text-decoration: none; white-space: pre;">892,480 sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 63.75pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">5<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 63.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">December 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 63.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">San Francisco, CA<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 63.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Hospitality<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 63.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 102.96pt;"></span></span><span style="left: 105.58999999999999pt; position: var(--position);">201,530<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 63.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 103.71pt; position: var(--position); white-space: pre;">686 keys<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 76.5pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">6<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 76.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">December 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 76.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">El Segundo, CA<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 76.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 76.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 102.96pt;"></span></span><span style="left: 105.58999999999999pt; position: var(--position);">145,363<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 76.5pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 92.38pt; position: var(--position); white-space: pre;">494,532 sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 89.25pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">7<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 89.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">December 2024<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 89.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Denver, CO<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 89.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 89.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 106.96pt;"></span></span><span style="left: 109.58999999999999pt; position: var(--position);">33,337<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 89.25pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 92.38pt; position: var(--position); white-space: pre;">170,304 sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 102pt; width: 18pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 18pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 11.37pt; position: var(--position); text-decoration: none; white-space: pre;">8<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 21pt; position: var(--position); top: 102pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">February 2025<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 159pt; position: var(--position); top: 102pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Chicago, IL<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 297pt; position: var(--position); top: 102pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Office<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 102pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 5.54pt; width: 106.96pt;"></span></span><span style="left: 109.58999999999999pt; position: var(--position);">45,045<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 573pt; position: var(--position); top: 102pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 92.38pt; position: var(--position); white-space: pre;">517,115 sqft<span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 435pt; position: var(--position); top: 114.75pt; width: 135pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 135pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 5.54pt; width: 98.96pt;"></span></span><span style="left: 105.58999999999999pt; position: var(--position);">690,729<span style="display: inline-block; height: 5.54pt; width: 2.66pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">86<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_160"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 3.<span style="display: inline-block; height: 6.77pt; width: 35.36pt;"></span></span><span style="left: 130.5pt; position: var(--position);">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); top: 72pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Interest Rate Risk <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 102pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 163.12pt;">Investment Portfolio Net Interest Income<span style="display: inline-block; height: 6.94pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 221.62pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 120pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 131.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 129.4pt;">will decrease net income. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.9pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.8pt; position: var(--position); white-space: pre; width: 5.16pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.96000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.12pt;">substantially all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.08pt; position: var(--position); white-space: pre; width: 2.66pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.74pt; position: var(--position); text-decoration: none; white-space: pre; width: 230.75pt;">of our loans by principal balance earned a floating rate of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 143pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.82pt;">interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 154.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.96pt;">positively correlated to changing interest rates, subject to the impact of interest rate floors on certain of our floating rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 166pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.59pt;">loans.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.09pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 189.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">The following table projects the earnings impact on our interest income and expense, presented net of implied changes in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 201pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 222.58pt;">incentive fees, for the twelve-month period following <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 281.08000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 65.34pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 346.42pt; position: var(--position); text-decoration: none; white-space: pre; width: 207.05pt;"><span style="background-color: inherit;">, of an increase in the various floating-rate indices</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 212.5pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.92pt;"><span style="background-color: inherit;">referenced by our portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 224pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 122.34pt;"><span style="background-color: inherit;">the average indices during the </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.25pt;"><span style="background-color: inherit;">three months ended</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.09000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 261.59000000000003pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;"><span style="background-color: inherit;">March&#160;31, 2025</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 325.17pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.68pt;"><span style="background-color: inherit;"> ($ in thousands):</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 394.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 235.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 249.9pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 494.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 138pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 68.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 2.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 68.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 68.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 68.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 68.25pt;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 138pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 138pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="3" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="3" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141.75pt; position: var(--position); top: 0pt; width: 68.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.8pt; width: 68.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.71pt; position: var(--position); white-space: pre;">Assets (Liabilities) <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.99pt; width: 68.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 14.7pt; position: var(--position); white-space: pre;">Sensitive to <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 24.18pt; width: 68.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 15.14pt; position: var(--position); white-space: pre;">Changes in <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 33.37pt; width: 68.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.23pt; position: var(--position); white-space: pre;">Interest Rates<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 54.95pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="7" rowspan="1" style="border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 212.25pt; position: var(--position); top: 0pt; width: 282pt;"><div><div style="font-size: 12pt; line-height: 8pt; position: var(--position); top: 3.75pt; width: 282pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 57.44pt; position: var(--position); white-space: pre;">Interest Rate Sensitivity as of <span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 159.34pt; position: var(--position); text-decoration: none; white-space: pre;">March&#160;31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 212.43pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(2)(3)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 15pt; width: 138pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.75pt; width: 138pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 212.25pt; position: var(--position); top: 15pt; width: 139.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 139.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 40.44pt; position: var(--position); text-decoration: none; white-space: pre;">Increase in Rates<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="3" rowspan="1" style="border-bottom: 1pt solid #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 354.75pt; position: var(--position); top: 15pt; width: 139.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 139.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 39.56pt; position: var(--position); text-decoration: none; white-space: pre;">Decrease in Rates<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 212.25pt; position: var(--position); top: 27.75pt; width: 68.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 68.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.58pt; position: var(--position); white-space: pre;">50 Basis Points<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 59.66pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 283.5pt; position: var(--position); top: 27.75pt; width: 68.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.62pt; width: 68.25pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.58pt; position: var(--position); white-space: pre;">100 Basis Points<span style="display: inline-block; height: 5.54pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 61.66pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 354.75pt; position: var(--position); top: 27.75pt; width: 68.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.68pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.58pt; position: var(--position); text-decoration: none; white-space: pre;">50 Basis Points<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 27.75pt; width: 68.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.68pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.58pt; position: var(--position); text-decoration: none; white-space: pre;">100 Basis Points<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42pt; width: 138pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 138pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 3.62pt; position: var(--position); white-space: pre;">Floating rate assets<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 80.18pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(4)(5)(6)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141.75pt; position: var(--position); top: 42pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 11.54pt;"></span></span><span style="left: 19.169999999999998pt; position: var(--position);">17,312,607<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 212.25pt; position: var(--position); top: 42pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.04pt;"></span></span><span style="left: 36.67pt; position: var(--position);">69,117<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 283.5pt; position: var(--position); top: 42pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 24.04pt;"></span></span><span style="left: 31.669999999999998pt; position: var(--position);">138,368<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 354.75pt; position: var(--position); top: 42pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.71pt;"></span></span><span style="left: 33.34pt; position: var(--position);">(68,714)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 42pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 20.71pt;"></span></span><span style="left: 28.34pt; position: var(--position);">(135,025)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57pt; width: 138pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 138pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Floating rate liabilities<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 6.5pt; font-style: normal; font-weight: normal; left: 93.03pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(5)(7)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141.75pt; position: var(--position); top: 57pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 13.96pt; position: var(--position); text-decoration: none; white-space: pre;">(15,286,346)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 212.25pt; position: var(--position); top: 57pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 31.46pt; position: var(--position); text-decoration: none; white-space: pre;">(61,345)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 283.5pt; position: var(--position); top: 57pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 26.46pt; position: var(--position); text-decoration: none; white-space: pre;">(122,691)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 354.75pt; position: var(--position); top: 57pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 38.12pt; position: var(--position); text-decoration: none; white-space: pre;">61,312<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 57pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 33.12pt; position: var(--position); text-decoration: none; white-space: pre;">122,535<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72pt; width: 138pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 138pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 8.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net exposure<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 141.75pt; position: var(--position); top: 72pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 16.54pt;"></span></span><span style="left: 24.169999999999998pt; position: var(--position);">2,026,261<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 212.25pt; position: var(--position); top: 72pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 34.04pt;"></span></span><span style="left: 41.67pt; position: var(--position);">7,772<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 283.5pt; position: var(--position); top: 72pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 29.04pt;"></span></span><span style="left: 36.67pt; position: var(--position);">15,677<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 354.75pt; position: var(--position); top: 72pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 30.71pt;"></span></span><span style="left: 38.34pt; position: var(--position);">(7,402)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 426pt; position: var(--position); top: 72pt; width: 68.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 68.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 25.71pt;"></span></span><span style="left: 33.34pt; position: var(--position);">(12,490)<span style="display: inline-block; height: 6.93pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 341.9pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 351.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 424.14pt;">Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 509.64pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 362.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.96pt;">Increases (decreases) in interest income and expense are presented net of theoretical impact of incentive fees. Refer<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 374.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 10.27pt;">to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.77pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.92pt;">Note 16<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 127.69pt; position: var(--position); white-space: pre; width: 375.58pt;"> to our consolidated financial statements for additional details of our incentive fee calculation.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 503.27pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 385.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(3)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 302.99pt;">Excludes income from loans accounted for under the cost-recovery method.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 397.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(4)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 39.12pt;">Excludes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 124.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.08pt;">$1.5&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 170.7pt; position: var(--position); white-space: pre; width: 125.95pt;"> of floating rate impaired loans.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 408.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(5)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 40.2pt;">Excludes <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 125.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.93pt;">$845.8 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 185.63pt; position: var(--position); white-space: pre; width: 170.76pt;"> of non-consolidated senior interests and <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 356.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.93pt;">$101.7 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 416.32pt; position: var(--position); white-space: pre; width: 137.18pt;"> of loan participations sold, as of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 420.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.98pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 149.48pt; position: var(--position); white-space: pre; width: 403.9pt;">. Our non-consolidated senior interests and loan participations sold are structurally non-recourse and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 431.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 381.8pt;">term-matched to the corresponding loans, and have no impact on our net floating rate exposure.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 443.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(6)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.88pt;">Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers&#8217;<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 454.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 157pt;">exposure to an increase in interest rates<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 242.5pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 466.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(7)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.9pt;">Includes amounts outstanding under secured debt, securitizations, asset-specific debt, Term Loans, and the senior<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 477.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 408.32pt;">secured notes due 2029, for which we entered into an interest rate swap with a notional amount of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 493.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.66pt;">$450.0&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 489.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 352.36pt;">that effectively converts our fixed rate exposure to floating rate exposure for such notes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 518.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Investment Portfolio Value <span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 536.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 25.52pt;">As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 84.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 148.68pt; position: var(--position); white-space: pre; width: 5.54pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 154.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.5pt;">substantially all<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.72pt; position: var(--position); white-space: pre; width: 335.73pt;"> of our loans by principal balance earned a floating rate of interest, so the value of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">such investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 559.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">loans to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 73pt;">our loan portfolio.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 131.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 600.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: italic; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">Risk of Non-Performance<span style="display: inline-block; height: 6.94pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 617.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.98pt;">In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 629.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.85pt;">there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 640.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.94pt;">cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 652.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;">contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 663.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.88pt;">stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 675.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.89pt;">interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 686.9pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.38pt;">guarantees or other structural protections.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 224.88pt; position: var(--position); white-space: pre; width: 27.09pt;"> As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.97pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.68pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 315.65pt; position: var(--position); white-space: pre; width: 5.05pt;">, <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 320.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.33pt;">86%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 339.03pt; position: var(--position); white-space: pre; width: 214.43pt;"> of our performing loans had interest rate caps, with a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 698.4pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 132.76pt;">weighted-average strike price of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 191.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;">3.5%<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 212.09pt; position: var(--position); white-space: pre; width: 142.87pt;">, or interest guarantees. During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 354.96pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.89pt;"><span style="background-color: inherit;">three months ended</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 433.85pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.82pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 436.67pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.22pt;"><span style="background-color: inherit;">March&#160;31, 2025</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.89pt; position: var(--position); text-decoration: none; white-space: pre; width: 52.49pt;"><span style="background-color: inherit;">, interest rate</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 709.9pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 33.23pt;"><span style="background-color: inherit;">caps on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 91.72999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.32pt;">$2.6&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 138.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 115.51pt;"><span style="background-color: inherit;"> of performing loans, with a </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 253.56pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><span style="background-color: inherit;">3.7%</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 274.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 176.48pt;"><span style="background-color: inherit;"> weighted-average strike price, expired and </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 450.87pt; position: var(--position); text-decoration: none; white-space: pre; width: 23.33pt;"><span style="background-color: inherit;">100%</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 474.2pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.21pt;"><span style="background-color: inherit;"> were replaced with</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 721.4pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 249.92pt;"><span style="background-color: inherit;">new interest rate caps, with a weighted-average strike price of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 308.41999999999996pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.83pt;"><span style="background-color: inherit;">3.8%</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 329.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 92.93pt;"><span style="background-color: inherit;">, or interest guarantees.</span><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">87<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 53.57pt;">Credit Risks<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 112.07pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.9pt;">borrowers&#8217; ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.86pt;">interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 117.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 41.33pt;">necessary.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 141pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 152.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 164pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 314.67pt;">manage these risks through our underwriting and asset management processes.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 187.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 199pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 210.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">from our long-standing core business model of originating senior loans collateralized by large assets in major markets with<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 222pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 233.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 245pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 81.83pt;">certain loans. As of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 140.32999999999998pt; position: var(--position); text-decoration: none; white-space: pre; width: 64.4pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 204.73pt; position: var(--position); white-space: pre; width: 91.38pt;">, we had an aggregate <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 296.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.26pt;">$555.4&#160;million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 355.37pt; position: var(--position); white-space: pre; width: 160.54pt;"> asset-specific CECL reserve related to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 515.9100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 10pt;">13<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 525.9100000000001pt; position: var(--position); white-space: pre; width: 27.48pt;"> of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 256.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 240.78pt;">loans receivable, with an aggregate amortized cost basis of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 299.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 46.45pt;">$1.5&#160;billion<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.73pt; position: var(--position); white-space: pre; width: 207.62pt;">, net of cost-recovery proceeds. This CECL reserve<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 268pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 410.34pt;">was recorded based on our estimation of the fair value of each of the loan&#8217;s underlying collateral as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.84pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 532.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 291.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 303pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">advantages derived from our position as part of Blackstone&#8217;s real estate platform. Blackstone has built the world's<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 314.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 326pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 337.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 349pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 391.91pt;">our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 378.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Capital Market Risks <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 396pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 407.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.8pt;">our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 419pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 495pt;">our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 430.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">we are required to distribute a significant portion of our taxable income annually, which constrains our ability to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 442pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 453.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 465pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 100.12pt;">terms of capital we raise.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 158.62pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 488.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.93pt;">Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 500pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 413.51pt;">are limited to collateral-specific credit marks generally determined on a commercially reasonable basis.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 529.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Counterparty Risk<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 547pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 558.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 570pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 581.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 231.94pt;">financing agreements with high credit-quality institutions.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 605pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">The nature of our loans also exposes us to the risk that our counterparties do not make required interest and principal<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 616.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.88pt;">payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.38pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 628pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 416.17pt;">loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 657.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Currency Risk <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 675pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 686.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.82pt;">generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 698pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 709.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 721pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 60.2pt;">contracts as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 118.7pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 182.28pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">88<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 481.93pt;">The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands):<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 540.4300000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); top: 65.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 494.25pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 270.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 72pt;"/></tr><tr style="height: 12.75pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 270.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 3.99pt; width: 270.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;"> <span style="display: inline-block; height: 5.54pt;"></span></span></div></div></div></td><td colspan="5" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 0pt; width: 223.5pt;"><div><div style="line-height: 8pt; position: var(--position); top: 4.12pt; width: 223.5pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 85.2pt; position: var(--position); text-decoration: none; white-space: pre;">March 31, 2025<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 12.75pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.83pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 26.67pt; position: var(--position); text-decoration: none; white-space: pre;">GBP<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 12.75pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.83pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 26.39pt; position: var(--position); text-decoration: none; white-space: pre;">EUR<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 422.25pt; position: var(--position); top: 12.75pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.83pt; width: 72pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 12.58pt; position: var(--position); white-space: pre;">All Other<span style="display: inline-block; height: 6.77pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 53.36pt; position: var(--position); top: -2.3694999999999995pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 4.4005pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 27pt; width: 270.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 270.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign currency assets<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 27pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 20.29pt;"></span></span><span style="left: 27.919999999999998pt; position: var(--position);">2,437,522<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 27pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 20.29pt;"></span></span><span style="left: 27.919999999999998pt; position: var(--position);">2,252,076<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 422.25pt; position: var(--position); top: 27pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 20.29pt;"></span></span><span style="left: 27.919999999999998pt; position: var(--position);">2,049,385<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 42pt; width: 270.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 270.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign currency liabilities<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 42pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.71pt; position: var(--position); text-decoration: none; white-space: pre;">(1,834,860)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 42pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.71pt; position: var(--position); text-decoration: none; white-space: pre;">(1,628,926)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 422.25pt; position: var(--position); top: 42pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.71pt; position: var(--position); text-decoration: none; white-space: pre;">(1,626,862)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 57pt; width: 270.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 270.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Foreign currency contracts &#8211; notional<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 57pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.21pt; position: var(--position); text-decoration: none; white-space: pre;">(596,868)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 57pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.21pt; position: var(--position); text-decoration: none; white-space: pre;">(615,758)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 422.25pt; position: var(--position); top: 57pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 30.21pt; position: var(--position); text-decoration: none; white-space: pre;">(415,212)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 72pt; width: 270.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 270.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Net exposure to exchange rate fluctuations<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 72pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#163;<span style="display: inline-block; height: 6.93pt; width: 37.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);">5,794<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 72pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">&#8364;<span style="display: inline-block; height: 6.93pt; width: 37.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);">7,392<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 422.25pt; position: var(--position); top: 72pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);">7,311<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 87pt; width: 270.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 270.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre;">Net exposure to exchange rate fluctuations in USD<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: normal; left: 206.01pt; position: var(--position); top: -2.4254999999999995pt; vertical-align: super; white-space: pre;">(2)<span style="display: inline-block; height: 4.5045pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 270.75pt; position: var(--position); top: 87pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);">7,484<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 346.5pt; position: var(--position); top: 87pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);">7,995<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 3pt double #000; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 422.25pt; position: var(--position); top: 87pt; width: 72pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 72pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 37.79pt;"></span></span><span style="left: 45.42pt; position: var(--position);">7,311<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 172.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 182pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 420.41pt;">Includes Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 193.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(2)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 94.5pt; position: var(--position); white-space: pre; width: 175.08pt;">Represents the U.S. Dollar equivalent as of <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 269.58000000000004pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.15999999999997pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 235pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_175"></div><div style="line-height: 10pt; position: var(--position); top: 235pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 4.<span style="display: inline-block; height: 6.77pt; width: 35.36pt;"></span></span><span style="left: 130.5pt; position: var(--position);">CONTROLS AND PROCEDURES <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); top: 252.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Evaluation of Disclosure Controls and Procedures <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 270pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 281.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.84pt;">the Exchange Act) that are designed to ensure that information required to be disclosed in the company&#8217;s reports under the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 293pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC&#8217;s rules<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 304.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">and forms, and that such information is accumulated and communicated to the company&#8217;s management, including its Chief<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 316pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.95pt;">Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 327.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 339pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 350.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 278.75pt;">controls and procedures as of the end of the period covered by this <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.25pt; position: var(--position); text-decoration: none; white-space: pre; width: 38.28pt;">Quarterly<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 375.53pt; position: var(--position); white-space: pre; width: 72.05pt;"> Report on Form <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 447.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 20.55pt;">10-Q<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 468.13pt; position: var(--position); white-space: pre; width: 85.33pt;"> was made under the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 362pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 373.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 385pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.94pt;">disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 396.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.87pt;">or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 408pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.98pt;">SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 419.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.85pt;">required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.35pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 431pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.99pt;">our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 442.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 159.27pt;">decisions regarding required disclosure.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 217.77pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 472pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre; width: 233.16pt;">Changes in Internal Control Over Financial Reporting<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 489.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">There have been no changes in our &#8220;internal control over financial reporting&#8221; (as defined in Rule 13a&#8211;15(f) of the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 501pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">Exchange Act) that occurred during our most recent quarter that have materially affected, or are reasonably likely to<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 512.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 247.14pt;">materially affect, our internal control over financial reporting.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 305.64pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">89<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_181"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 228.27pt; position: var(--position); white-space: pre;">PART II. OTHER INFORMATION <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="position: absolute; top: 77pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_184"></div><div style="line-height: 10pt; position: var(--position); top: 77pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 1. <span style="display: inline-block; height: 6.77pt; width: 19.36pt;"></span></span><span style="left: 117pt; position: var(--position);">LEGAL PROCEEDINGS <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 94.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.91pt;">From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 106pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 122.08pt; position: var(--position); white-space: pre; width: 228.88pt;">, we were not involved in any material legal proceedings.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 126.5pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_187"></div><div style="line-height: 10pt; position: var(--position); top: 126.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 1A. <span style="display: inline-block; height: 6.77pt; width: 12.14pt;"></span></span><span style="left: 117pt; position: var(--position);">RISK FACTORS <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 144pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.97pt;">There have been no material changes to the risk factors previously disclosed under ''Part I, Item 1A. Risk Factors" of our<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 155.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 196.23pt;">Annual Report on Form 10-K for the year ended <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 254.73pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.54pt;">December&#160;31, 2024<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 333.27pt; position: var(--position); white-space: pre; width: 2.5pt;">.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">90<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_190"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 2. <span style="display: inline-block; height: 6.77pt; width: 19.36pt;"></span></span><span style="left: 117pt; position: var(--position);">UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS<span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 71.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 471.68pt;">The following table sets forth information regarding repurchases of shares of our class A common stock during the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 530.1800000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.23pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 533.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 19.96pt;">three<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 83pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.79pt;">months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 114.28999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 116.78999999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 63.58pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 180.37pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.77pt;">:<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 100.5pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 185.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 69.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 84.75pt;"/></tr><tr style="height: 50.25pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 185.25pt;"><div><div style="line-height: 8pt; position: var(--position); top: 41.62pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Period<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 185.25pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 32.51pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.17pt; position: var(--position); text-decoration: none; white-space: pre;">Total Number of <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 41.62pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 5.29pt; position: var(--position); text-decoration: none; white-space: pre;">Shares Purchased<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 258.75pt; position: var(--position); top: 0pt; width: 69.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 32.51pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 10.79pt; position: var(--position); text-decoration: none; white-space: pre;">Average Price <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 41.62pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 9.34pt; position: var(--position); text-decoration: none; white-space: pre;">Paid per Share<span style="display: inline-block; height: 5.41pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 331.5pt; position: var(--position); top: 0pt; width: 75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.18pt; width: 75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.86pt; position: var(--position); white-space: pre;">Total Number of <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.29pt; width: 75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.97pt; position: var(--position); white-space: pre;">Shares Purchased <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.4pt; width: 75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 6.08pt; position: var(--position); white-space: pre;">as Part of Publicly <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 32.51pt; width: 75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 2.86pt; position: var(--position); white-space: pre;">Announced Plans or <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 41.62pt; width: 75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 17.59pt; position: var(--position); white-space: pre;">Programs<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 51.34pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 410.25pt; position: var(--position); top: 0pt; width: 84.75pt;"><div><div style="line-height: 8pt; position: var(--position); top: 5.18pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.85pt; position: var(--position); white-space: pre;">Approximate Dollar <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 14.29pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 7.63pt; position: var(--position); white-space: pre;">Value of Shares that <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 23.4pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 3.19pt; position: var(--position); white-space: pre;">May Yet Be Purchased <span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 32.51pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 8.85pt; position: var(--position); white-space: pre;">Under the Program<span style="display: inline-block; height: 5.41pt;"></span></span></div><div style="line-height: 8pt; position: var(--position); top: 41.62pt; width: 84.75pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 8pt; font-style: normal; font-weight: bold; left: 12.03pt; position: var(--position); white-space: pre;">($ in thousands)<span style="display: inline-block; height: 5.41pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 5.2pt; font-style: normal; font-weight: bold; left: 66.64999999999999pt; position: var(--position); top: -1.8935pt; vertical-align: super; white-space: pre;">(1)<span style="display: inline-block; height: 3.5165pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 50.25pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">January 1 - January 31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 185.25pt; position: var(--position); top: 50.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">1,792,836<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 258.75pt; position: var(--position); top: 50.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);">17.63<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 331.5pt; position: var(--position); top: 50.25pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;">1,792,836<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 410.25pt; position: var(--position); top: 50.25pt; width: 84.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 45.54pt;"></span></span><span style="left: 53.17pt; position: var(--position);">89,189<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 65.25pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">February 1 - February 28, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 185.25pt; position: var(--position); top: 65.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 258.75pt; position: var(--position); top: 65.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 331.5pt; position: var(--position); top: 65.25pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 62.37pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 410.25pt; position: var(--position); top: 65.25pt; width: 84.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 50.54pt;"></span></span><span style="left: 53.17pt; position: var(--position);">89,189<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 80.25pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">March 1 - March 31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 185.25pt; position: var(--position); top: 80.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 57.12pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 258.75pt; position: var(--position); top: 80.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 53.04pt;"></span></span><span style="left: 55.67pt; position: var(--position);">&#8212;<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 331.5pt; position: var(--position); top: 80.25pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 62.37pt; position: var(--position); text-decoration: none; white-space: pre;">&#8212;<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #cceeff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #cceeff; border-bottom: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 410.25pt; position: var(--position); top: 80.25pt; width: 84.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);"><span style="display: inline-block; height: 6.93pt; width: 50.54pt;"></span></span><span style="left: 53.17pt; position: var(--position);">89,189<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 95.25pt; width: 185.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 185.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">Total<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 185.25pt; position: var(--position); top: 95.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 27.12pt; position: var(--position); text-decoration: none; white-space: pre;">1,792,836<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 258.75pt; position: var(--position); top: 95.25pt; width: 69.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 69.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 35.54pt;"></span></span><span style="left: 43.17pt; position: var(--position);">17.63<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 331.5pt; position: var(--position); top: 95.25pt; width: 75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 32.37pt; position: var(--position); text-decoration: none; white-space: pre;">1,792,836<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="background-color: #ffffff; font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="background-color: #ffffff; border-bottom: 3pt double #000; border-top: 1pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 410.25pt; position: var(--position); top: 95.25pt; width: 84.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 84.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; text-decoration: none; white-space: pre;"><span style="left: 2.63pt; position: var(--position);">$<span style="display: inline-block; height: 6.93pt; width: 45.54pt;"></span></span><span style="left: 53.17pt; position: var(--position);">89,189<span style="display: inline-block; height: 6.93pt; width: 3.33pt;"></span></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); text-align: justify; text-align-last: var(--justify); top: 215.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 54pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 54pt;"/></tr><tr style="height: 4.5pt;"><td colspan="1" rowspan="1" style="border-bottom: 0.75pt solid #000000; font-size: 0; text-align: left; vertical-align: top;"/></tr></tbody></table></div></div></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 231.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 11.66pt;">(1)<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 285.82pt;">In July 2024, our board of directors authorized the repurchase of up to <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.06pt;">$150.0 million<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 430.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 123.11pt;"> of our class A common stock.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 242.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.86pt;">Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 254.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.91pt;">negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 265.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.96pt;">10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 277.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 467.92pt;">variety of factors, including legal requirements, price and economic and market conditions. The repurchase program<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 288.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 415.15pt;">may be changed, suspended or discontinued at any time and does not have a specified expiration date.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 500.65pt; position: var(--position); white-space: pre; width: 20.4pt;"> See <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 521.05pt; position: var(--position); text-decoration: none; white-space: pre; width: 32.41pt;">Note 15<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 300.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 467.97pt;">to our consolidated financial statements and &#8220;Part I. Item 2. Management&#8217;s Discussion and Analysis of Financial<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 311.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 337.76pt;">Condition and Results of Operations &#8212; Liquidity and Capital Resources &#8212; <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 423.26pt; position: var(--position); text-decoration: none; white-space: pre; width: 75.9pt;">Uses of Liquidity<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 499.16pt; position: var(--position); white-space: pre; width: 54.24pt;">&#8221; for further<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 323.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 85.5pt; position: var(--position); white-space: pre; width: 189.52pt;">information regarding this repurchase program.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">91<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_193"></div><div style="line-height: 12pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 3. <span style="display: inline-block; height: 8.73pt; width: 19.36pt;"></span></span><span style="left: 117pt; position: var(--position);">DEFAULTS UPON SENIOR SECURITIES<span style="display: inline-block; height: 8.73pt;"></span></span></span><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 304.97pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 73.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 24.15pt;">None.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.65pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 94.3pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_196"></div><div style="line-height: 10pt; position: var(--position); top: 94.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 4. <span style="display: inline-block; height: 6.77pt; width: 19.36pt;"></span></span><span style="left: 117pt; position: var(--position);">MINE SAFETY DISCLOSURES <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 111.8pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 61.02pt;">Not applicable.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 119.52000000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="position: absolute; top: 132.3pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_199"></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 132.3pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; white-space: pre;"><span style="left: 58.5pt; position: var(--position);">ITEM 5. <span style="display: inline-block; height: 6.77pt; width: 19.36pt;"></span></span><span style="left: 117pt; position: var(--position);">OTHER INFORMATION <span style="display: inline-block; height: 6.77pt;"></span></span></span></div><div style="line-height: 10pt; position: var(--position); top: 156.64pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); white-space: pre;">Section 13(r) Disclosure<span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 174.14pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.89pt;">Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 185.64pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 197.14pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 163.88pt;">regarding activities at Mundys S.p.A., <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 222.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 24.42pt;">which<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 246.8pt; position: var(--position); white-space: pre; width: 306.69pt;"> may be, or may have been at the time considered to be, an affiliate of<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.49pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 208.64pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 365.09pt;">Blackstone and, which may be, or may have been at the time considered to be, our affiliate.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 231.64pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre;"><ix:nonNumeric contextRef="c-1" name="ecd:Rule10b51ArrTrmntdFlag" format="ixt:fixed-false" id="f-2155"><ix:nonNumeric contextRef="c-1" name="ecd:NonRule10b51ArrAdoptedFlag" format="ixt:fixed-false" id="f-2156"><ix:nonNumeric contextRef="c-1" name="ecd:NonRule10b51ArrTrmntdFlag" format="ixt:fixed-false" id="f-2157">Rule 10b5-1 Trading Arrangements</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric><span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 248.34pt; width: 612pt;"><ix:nonNumeric contextRef="c-608" name="ecd:MtrlTermsOfTrdArrTextBlock" id="f-2158" continuedAt="f-2158-1" escape="true"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 47.94pt;">During the <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 106.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 80.67pt;">three months ended<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 187.11pt; position: var(--position); text-decoration: none; white-space: pre; width: 3.71pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 190.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 66pt;">March&#160;31, 2025<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 256.82pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;">,<span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 259.32pt; position: var(--position); text-decoration: none; white-space: pre; width: 90.68pt;"><span style="background-color: inherit;"> three of our officers </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 350pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.63pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-608" name="ecd:Rule10b51ArrAdoptedFlag" format="ixt:fixed-true" id="f-2159">adopted</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 381.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 171.78pt;"><span style="background-color: inherit;"> a &#8220;Rule 10b5-1 trading arrangement,&#8221; as</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2158-1" continuedAt="f-2158-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 259.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.84pt;"><span style="background-color: inherit;">defined in Item 408(c) of Regulation S-K, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c)</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3399999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 271.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 106.72pt;"><span style="background-color: inherit;">under the Exchange Act.&#160; </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 165.22pt; position: var(--position); text-decoration: none; white-space: pre; width: 85.79pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-608" name="ecd:TrdArrIndName" id="f-2160">Katharine A. Keenan</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 251.01pt; position: var(--position); text-decoration: none; white-space: pre; width: 22.01pt;"><span style="background-color: inherit;">, our </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 273.02pt; position: var(--position); text-decoration: none; white-space: pre; width: 97.14pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-608" name="ecd:TrdArrIndTitle" id="f-2161">Chief Executive Officer</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 370.16pt; position: var(--position); text-decoration: none; white-space: pre; width: 157.08pt;"><span style="background-color: inherit;">, adopted a Rule 10b5-1 sales plan on </span><span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-608" name="ecd:TrdArrAdoptionDate" id="f-2162" continuedAt="f-2162-1"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 527.24pt; position: var(--position); text-decoration: none; white-space: pre; width: 26.08pt;"><span style="background-color: inherit;">March</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3199999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 282.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 36.84pt;"><span style="background-color: inherit;"><ix:continuation id="f-2162-1">18, 2025</ix:continuation></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 95.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 458.13pt;"><span style="background-color: inherit;"> that provides for the automatic sale of shares of class A common stock in order to satisfy tax withholding</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 294.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 204.95pt;"><span style="background-color: inherit;">obligations arising from vesting of an aggregate of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 263.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;"><span style="background-color: inherit;"><ix:nonFraction unitRef="shares" contextRef="c-609" decimals="INF" name="ecd:TrdArrSecuritiesAggAvailAmt" format="ixt:num-dot-decimal" scale="0" id="f-2163">51,850</ix:nonFraction></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 290.95pt; position: var(--position); text-decoration: none; white-space: pre; width: 149.14pt;"><span style="background-color: inherit;"> shares of restricted stock granted on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 440.09pt; position: var(--position); text-decoration: none; white-space: pre; width: 78.58pt;"><span style="background-color: inherit;">December 15, 2024</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 518.6700000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 34.74pt;"><span style="background-color: inherit;">, held by</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 305.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.86pt;"><span style="background-color: inherit;">Ms. Keenan. The number of shares to be sold under the plan is unknown, as the number of shares will vary based on the</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.36pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 317.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.83pt;"><span style="background-color: inherit;">extent to which vesting conditions are satisfied and the market price of our class A common stock at the time of vesting.</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 328.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 229.6pt;"><span style="background-color: inherit;">Ms. Keenan&#8217;s Rule 10b5-1 sales plan will expire on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 288.1pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.94pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-608" name="ecd:TrdArrExpirationDate" id="f-2164">December 31, 2027</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 371.04pt; position: var(--position); text-decoration: none; white-space: pre; width: 182.4pt;"><span style="background-color: inherit;">, subject to the plan&#8217;s earlier expiration or</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 340.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 166.12pt;"><span style="background-color: inherit;"><ix:continuation id="f-2158-2">completion in accordance with its terms.</ix:continuation> </span><span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-610" name="ecd:MtrlTermsOfTrdArrTextBlock" id="f-2166" continuedAt="f-2166-1" escape="true"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 224.62pt; position: var(--position); text-decoration: none; white-space: pre; width: 94.66pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-610" name="ecd:TrdArrIndName" id="f-2165">Anthony F. Marone, Jr.</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 319.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.6pt;"><span style="background-color: inherit;">, our</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 337.88pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.5pt;"><span style="background-color: inherit;"> <ix:nonNumeric contextRef="c-610" name="ecd:TrdArrIndTitle" id="f-2167">Chief Financial Officer</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 434.38pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.27pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 439.65pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.63pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-610" name="ecd:Rule10b51ArrAdoptedFlag" format="ixt:fixed-true" id="f-2168">adopted</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 471.28pt; position: var(--position); text-decoration: none; white-space: pre; width: 82.11pt;"><span style="background-color: inherit;"> a Rule 10b5-1 sales</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2166-1" continuedAt="f-2166-2"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 351.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 35.08pt;"><span style="background-color: inherit;">plan on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 93.58pt; position: var(--position); text-decoration: none; white-space: pre; width: 61.46pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-610" name="ecd:TrdArrAdoptionDate" id="f-2169">March 6, 2025</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 155.04000000000002pt; position: var(--position); text-decoration: none; white-space: pre; width: 398.29pt;"><span style="background-color: inherit;"> that provides for the automatic sale of shares of class A common stock in order to satisfy tax</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.3299999999999pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 363.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 259.19pt;"><span style="background-color: inherit;">withholding obligations arising from vesting of an aggregate of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 317.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;"><span style="background-color: inherit;"><ix:nonFraction unitRef="shares" contextRef="c-611" decimals="INF" name="ecd:TrdArrSecuritiesAggAvailAmt" format="ixt:num-dot-decimal" scale="0" id="f-2170">12,000</ix:nonFraction></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.8pt;"><span style="background-color: inherit;"> shares of restricted stock granted on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.44pt;"><span style="background-color: inherit;">December 15,</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 374.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;"><span style="background-color: inherit;">2024</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 474.79pt;"><span style="background-color: inherit;">, held by Mr. Marone. The number of shares to be sold under the plan is unknown, as the number of shares will vary</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.29pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 386.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;"><span style="background-color: inherit;">based on the extent to which vesting conditions are satisfied and the market price of our class A common stock at the time</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 397.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 257.8pt;"><span style="background-color: inherit;">of vesting. Mr. Marone&#8217;s Rule 10b5-1 sales plan will expire on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 316.3pt; position: var(--position); text-decoration: none; white-space: pre; width: 79.14pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-610" name="ecd:TrdArrExpirationDate" id="f-2171">December 31, 2027</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 395.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 157.97pt;"><span style="background-color: inherit;">, subject to the plan&#8217;s earlier expiration</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 409.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 178.97pt;"><span style="background-color: inherit;"><ix:continuation id="f-2166-2">or completion in accordance with its terms.</ix:continuation> </span><span style="display: inline-block; height: 6.93pt;"></span></span><ix:nonNumeric contextRef="c-612" name="ecd:MtrlTermsOfTrdArrTextBlock" id="f-2173" continuedAt="f-2173-1" escape="true"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 237.47pt; position: var(--position); text-decoration: none; white-space: pre; width: 69.6pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-612" name="ecd:TrdArrIndName" id="f-2172">Marcin Urbaszek</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 307.07pt; position: var(--position); text-decoration: none; white-space: pre; width: 21.87pt;"><span style="background-color: inherit;">, our </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 328.94pt; position: var(--position); text-decoration: none; white-space: pre; width: 126.67pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-612" name="ecd:TrdArrIndTitle" id="f-2174">Deputy Chief Financial Officer</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 455.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 5.52pt;"><span style="background-color: inherit;">, </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 461.13pt; position: var(--position); text-decoration: none; white-space: pre; width: 31.63pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-612" name="ecd:Rule10b51ArrAdoptedFlag" format="ixt:fixed-true" id="f-2175">adopted</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 492.76pt; position: var(--position); text-decoration: none; white-space: pre; width: 60.68pt;"><span style="background-color: inherit;"> a Rule 10b5-1</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.44pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></ix:nonNumeric></div><ix:continuation id="f-2173-1"><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 420.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 55.4pt;"><span style="background-color: inherit;">sales plan on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 113.9pt; position: var(--position); text-decoration: none; white-space: pre; width: 59.44pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-612" name="ecd:TrdArrAdoptionDate" id="f-2176">March 6, 2025</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 173.34pt; position: var(--position); text-decoration: none; white-space: pre; width: 380.11pt;"><span style="background-color: inherit;"> that provides for the automatic sale of shares of class A common stock in order to satisfy tax</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.45pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 432.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 259.19pt;"><span style="background-color: inherit;">withholding obligations arising from vesting of an aggregate of </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 317.69pt; position: var(--position); text-decoration: none; white-space: pre; width: 27.5pt;"><span style="background-color: inherit;"><ix:nonFraction unitRef="shares" contextRef="c-613" decimals="INF" name="ecd:TrdArrSecuritiesAggAvailAmt" format="ixt:num-dot-decimal" scale="0" id="f-2177">12,889</ix:nonFraction></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.19pt; position: var(--position); text-decoration: none; white-space: pre; width: 151.8pt;"><span style="background-color: inherit;"> shares of restricted stock granted on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 496.99pt; position: var(--position); text-decoration: none; white-space: pre; width: 56.44pt;"><span style="background-color: inherit;">December 15,</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4300000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 443.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 20pt;"><span style="background-color: inherit;">2024</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 78.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 475pt;"><span style="background-color: inherit;">, held by Mr. Urbaszek. The number of shares to be sold under the plan is unknown, as the number of shares will vary</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 455.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 494.91pt;"><span style="background-color: inherit;">based on the extent to which vesting conditions are satisfied and the market price of our class A common stock at the time</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4100000000001pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 466.84pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 286.89pt;"><span style="background-color: inherit;">of vesting. Mr. Urbaszek&#8217;s Rule 10b5-1 sales plan will expire on </span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 345.39pt; position: var(--position); text-decoration: none; white-space: pre; width: 83.22pt;"><span style="background-color: inherit;"><ix:nonNumeric contextRef="c-612" name="ecd:TrdArrExpirationDate" id="f-2178">December 31, 2027</ix:nonNumeric></span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 428.61pt; position: var(--position); text-decoration: none; white-space: pre; width: 124.87pt;"><span style="background-color: inherit;">, subject to the plan&#8217;s earlier</span><span style="display: inline-block; height: 6.93pt;"></span></span><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.48pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"><span style="background-color: inherit;"> </span><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 478.34pt; width: 612pt;"><span style="background-color: #ffffff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); text-decoration: none; white-space: pre; width: 215.83pt;"><span style="background-color: inherit;">expiration or completion in accordance with its terms.</span><span style="display: inline-block; height: 6.93pt;"></span></span></div></ix:continuation></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">92<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="-sec-extract: summary; left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_205"></div><div style="position: var(--position); top: 54pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 123.75pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 57.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 66pt;"/></tr><tr style="height: 14.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 57.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 57.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">ITEM 6.<span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 57.75pt; position: var(--position); top: 0pt; width: 66pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 66pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">EXHIBITS <span style="display: inline-block; height: 6.77pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="position: var(--position); top: 84.75pt; width: 612pt;"><div style="font-size: 0pt; left: 58.5pt; position: var(--position); top: 0pt; width: 495pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 42.75pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 3pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 449.25pt;"/></tr><tr style="height: 75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 0pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">10.1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 0pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.97pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">Sixth Amendment to Master Repurchase Agreement, dated as of February 20, 2025, by and among Parlex 3A</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.6pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 13.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.9pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">USD IE Issuer Designated Activity Company, Parlex 3A GBP IE Issuer Designated Activity Company, Parlex</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.53pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 23.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.88pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">3A EUR IE Issuer Designated Activity Company, Parlex 3A SEK IE Issuer Designated Activity Company,</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.51pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 33.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.9pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">Perpetual Corporate Trust Limited as Trustee of the Parlex 2022-1 Issuer Trust, Parlex 3A CAD IE Issuer</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.53pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 43.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.97pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">Designated Activity Company, Parlex 3A FINCO, LLC, Barclays Bank PLC, Parlex 3A Finco, LLC, Parlex</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.6pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 53.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.98pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">3A UK Finco, LLC, Parlex 3A EUR Finco, LLC, Parlex 3A SEK Finco, LLC, Silver Fin Sub TC PTY LTD,</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.61pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 63.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 216.78pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1011q25.htm">Gloss Finco 1, LLC, and Parlex 3A CAD Finco, LLC.</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 30.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 78pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">10.2<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 78pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.86pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1021q25.htm">Amendment No. 18 to the Amended and Restated Master Repurchase and Securities Contract, dated as of</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.49pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1021q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 13.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 370.19pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit1021q25.htm">March 13, 2025, between Parlex 5 Finco, LLC and Wells Fargo Bank, National Association.</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 24.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 111.75pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">31.1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 111.75pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 443.9pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3111q25.htm">Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.53pt; position: var(--position); text-decoration: underline; white-space: pre; width: 2.5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3111q25.htm"> </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 13.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 20pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3111q25.htm">2002</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 22.63pt; position: var(--position); text-decoration: underline; white-space: pre; width: 5pt;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3111q25.htm">&#160; </a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="2" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 139.5pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">31.2<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 139.5pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3121q25.htm">Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.31pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="2" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 157.5pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">32.1 +<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 157.5pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3211q25.htm">Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 14.95pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3211q25.htm">906 of the Sarbanes-Oxley Act of 2002</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 159.73pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="2" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 186.75pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">32.2 +<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 186.75pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3221q25.htm">Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section </a><span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 14.95pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit3221q25.htm">906 of the Sarbanes-Oxley Act of 2002</a><span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 159.73pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="2" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 216pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">99.1<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 216pt; width: 449.25pt;"><div><div style="font-size: 12pt; line-height: 10pt; position: var(--position); top: 3.75pt; width: 449.25pt;"><span style="color: #0000ff; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: underline; white-space: pre;"><a style="-sec-extract: exhibit; color: inherit; text-decoration: inherit; z-index: 1;" href="exhibit9911q25.htm">Section 13(r) Disclosure</a><span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3.75pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 26.25pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 234.75pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">101.INS<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 234.75pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 443.88pt;">XBRL Instance Document &#8211; the instance document does not appear in the interactive data file because its<span style="display: inline-block; height: 6.93pt;"></span></span><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 446.51pt; position: var(--position); text-decoration: none; white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 15.15pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 242.49pt;">XBRL tags are embedded within the inline XBRL document<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="2" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 264pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">101.SCH<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 264pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 373.77pt;">Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 282pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">101.CAL<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 282pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 272.47pt;">Inline XBRL Taxonomy Extension Calculation Linkbase Document<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 300pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">101.DEF<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 300pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 267.5pt;">Inline XBRL Taxonomy Extension Definition Linkbase Document<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 318pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">101.LAB<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 318pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 249.17pt;">Inline XBRL Taxonomy Extension Label Linkbase Document<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 336pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">101.PRE<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 336pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 275.82pt;">Inline XBRL Taxonomy Extension Presentation Linkbase Document<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 3pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 354pt; width: 42.75pt;"><div><div style="line-height: 10pt; position: var(--position); top: 3.75pt; width: 42.75pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">104<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 45.75pt; position: var(--position); top: 354pt; width: 449.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 449.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 362.6pt;">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div><div style="line-height: 10pt; position: var(--position); top: 458.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">___________<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 481.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;">+<span style="display: inline-block; height: 8.32pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 64.13pt; position: var(--position); white-space: pre;">&#160; &#160; <span style="display: inline-block; height: 8.32pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.13pt; position: var(--position); white-space: pre;">This exhibit shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Exchange Act or otherwise subject to the <span style="display: inline-block; height: 8.32pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 495.55pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre;">liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); top: 507.05pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 76.5pt; position: var(--position); white-space: pre;">Exchange Act.<span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 529.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 541.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 552.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.92pt;">on them for that purpose. In particular, any representations and warranties made by us in these agreements or other<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.4200000000001pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 564.25pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 494.96pt;">documents were made solely within the specific context of the relevant agreement or document and may not describe the<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.46pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 575.75pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 287.91pt;">actual state of affairs as of the date they were made or at any other time.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="--justify: justify; --position: absolute; background-color: #FFFFFF; border: 1px solid #CCCC; content-visibility: auto; float: none; font-family: Arial, Sans Serif; font-size: 0; height: 792pt; margin: 10px auto 10px auto; overflow: hidden; padding: 0; position: relative; width: 612pt; word-wrap: break-word;"><div style="left: 0pt; position: var(--position); top: 738pt;"><div style="width: 495pt;"><div style="line-height: 10pt; position: var(--position); top: 31.42pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 301pt; position: var(--position); white-space: pre;">93<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div><div style="left: 0pt; position: var(--position); top: 0pt;"><div style="width: 553pt;"></div></div><div><div style="position: absolute; top: 54pt;" id="i5ae6f12e6eaa48489e39f30d79f48abd_208"></div><div style="line-height: 10pt; position: var(--position); top: 54pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: bold; left: 273.51pt; position: var(--position); white-space: pre;">SIGNATURES <span style="display: inline-block; height: 6.77pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 77.5pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 82.98pt; position: var(--position); white-space: pre; width: 470.43pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 553.41pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 89pt; width: 612pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre; width: 264.19pt;">signed on its behalf by the undersigned thereunto duly authorized.<span style="display: inline-block; height: 6.93pt;"></span></span><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 322.69pt; position: var(--position); white-space: pre; width: 2.5pt;"> <span style="display: inline-block; height: 6.93pt;"></span></span></div><div style="line-height: 12pt; position: var(--position); top: 100.5pt; width: 612pt;"><span style="font-family: 'Arial', sans-serif; font-size: 12pt; font-style: normal; font-weight: normal; left: 58.5pt; position: var(--position); white-space: pre;"> <span style="display: inline-block; height: 8.73pt;"></span></span></div><div style="position: var(--position); top: 114.3pt; width: 612pt;"><div style="font-size: 0pt; left: 81.75pt; position: var(--position); top: 0pt; width: 448.5pt;"><div><table style="border-collapse: collapse; display: inline-table; width: 100%;"><tbody><tr style="height: 0;"><td colspan="1" rowspan="1" style="padding: 0; width: 143.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 59.25pt;"/><td colspan="1" rowspan="1" style="padding: 0; width: 246pt;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 0pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 184.04pt;">BLACKSTONE MORTGAGE TRUST, INC.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 30pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">April 30, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 30pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 96.54pt;">/s/ Katharine A. Keenan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 45pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.85pt;">Date<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 45pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 84.61pt;">Katharine A. Keenan<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 60pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 95.96pt;">Chief Executive Officer<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 75pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 116.49pt;">(Principal Executive Officer)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 105pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">April 30, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 105pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 105.78pt;">/s/ Anthony F. Marone, Jr.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 120pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.85pt;">Date<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 120pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.85pt;">Anthony F. Marone, Jr.<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 135pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 93.19pt;">Chief Financial Officer<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 150pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre; width: 113.72pt;">(Principal Financial Officer)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 180pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); top: 4.42pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre;">April 30, 2025<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-bottom: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 180pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre; width: 81.01pt;">/s/ Marcin Urbaszek<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 0pt; position: var(--position); top: 195pt; width: 143.25pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 143.25pt;"><span style="color: #000000; font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); text-decoration: none; white-space: pre; width: 18.85pt;">Date<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="border-top: 1pt solid #000; font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 195pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre; width: 69.08pt;">Marcin Urbaszek<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 210pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre; width: 125.11pt;">Deputy Chief Financial Officer<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr><tr style="height: 15pt;"><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"/><td colspan="1" rowspan="1" style="font-size: 0; text-align: left; vertical-align: top;"><div style="left: 202.5pt; position: var(--position); top: 225pt; width: 246pt;"><div><div style="line-height: 10pt; position: var(--position); text-align: justify; text-align-last: var(--justify); top: 3.75pt; width: 246pt;"><span style="font-family: 'Times New Roman', sans-serif; font-size: 10pt; font-style: normal; font-weight: normal; left: 2.63pt; position: var(--position); white-space: pre; width: 123.18pt;">(Principal Accounting Officer)<span style="display: inline-block; height: 6.93pt;"></span></span></div></div></div></td></tr></tbody></table></div></div></div></div></div></body></html>
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{"company-data": {"conformed-name": "BLACKSTONE MORTGAGE TRUST, INC.", "cik": "0001061630", "assigned-sic": "6798", "organization-name": "05 Real Estate & Construction", "ein": "946181186", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "001-14788", "film-number": "25890785"}, "business-address": {"street1": "345 PARK AVENUE", "street2": "24TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10154", "phone": "2126550220"}, "mail-address": {"street1": "345 PARK AVENUE", "street2": "24TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10154"}, "former-company": {"former-conformed-name": "CAPITAL TRUST INC", "date-changed": "19980512"}}
bxmt-20250331
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED
MARCH 31, 2025
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM ______ TO ______
Commission File Number:
001-14788
Blackstone Mortgage Trust, Inc.
(Exact name of Registrant as specified in its charter)
Maryland
94-6181186
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
345 Park Avenue
,
24th Floor
New York
,
New York
10154
(Address of principal executive offices)(Zip Code)
(
212
)
655-0220
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
symbol(s)
Name of each exchange
on which registered
Class A common stock, par value $0.01 per share
BXMT
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes
☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such
files).
Yes
☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an
emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth
company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new
or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
☐
No ☒
The number of the registrant's shares of class A common stock, par value $0.01 per share, outstanding as of
April 23, 2025
was
171,580,190
.
TABLE OF CONTENTS
Page
PART I.
FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
3
Consolidated Financial Statements (Unaudited):
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024
3
Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024
4
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and
2024
5
Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2025 and 2024
6
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024
7
Notes to Consolidated Financial Statements
9
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
53
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
86
ITEM 4.
CONTROLS AND PROCEDURES
88
PART II.
OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS
89
ITEM 1A.
RISK FACTORS
89
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
90
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
91
ITEM 4.
MINE SAFETY DISCLOSURES
91
ITEM 5.
OTHER INFORMATION
91
ITEM 6.
EXHIBITS
92
SIGNATURES
93
TABLE OF CONTENTS
Website Disclosure
We use our website (www.blackstonemortgagetrust.com) as a channel of distribution of company information. The
information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in
addition to following our press releases, Securities and Exchange Commission, or SEC, filings and public conference calls,
and webcasts. In addition, you may automatically receive email alerts and other information about Blackstone Mortgage
Trust when you enroll your email address by visiting the "Contact Us and Email Alerts" section of our website at http://
ir.blackstonemortgagetrust.com. The contents of our website and any alerts are not, however, a part of this report.
3
PART I.
ITEM 1. FINANCIAL STATEMENTS
Blackstone
Mortgage
Trust, Inc.
Consolidated Balance Sheets (Unaudited)
(in thousands, except share data)
March 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
668,563
$
323,483
Loans receivable
19,049,712
19,047,518
Current expected credit loss reserve
(
741,541
)
(
733,936
)
Loans receivable, net
18,308,171
18,313,582
Real estate owned, net
619,796
588,185
Investments in unconsolidated entities
29,020
4,452
Other assets
331,925
572,253
Total Assets
$
19,957,475
$
19,801,955
Liabilities and Equity
Secured debt, net
$
10,000,027
$
9,696,334
Securitized debt obligations, net
2,559,896
1,936,956
Asset-specific debt, net
492,235
1,224,841
Loan participations sold, net
101,672
100,064
Term loans, net
1,730,565
1,732,073
Senior secured notes, net
779,187
771,035
Convertible notes, net
263,898
263,616
Other liabilities
341,277
282,847
Total Liabilities
16,268,757
16,007,766
Commitments and contingencies (
Note 22
)
Equity
Class A common stock,
$
0.01
par value,
400,000,000
shares authorized,
171,582,452
and
172,792,094
shares issued and outstanding as of
March 31, 2025
and
December 31, 2024
, respectively
1,716
1,728
Additional paid-in capital
5,486,596
5,511,053
Accumulated other comprehensive income
8,591
8,268
Accumulated deficit
(
1,814,935
)
(
1,733,741
)
Total Blackstone Mortgage Trust, Inc. stockholders' equity
3,681,968
3,787,308
Non-controlling interests
6,750
6,881
Total Equity
3,688,718
3,794,189
Total Liabilities and Equity
$
19,957,475
$
19,801,955
Note: The consolidated balance sheets as of
March 31, 2025
and
December 31, 2024
include assets of consolidated variable
interest entities, or VIEs, that can only be used to settle obligations of each respective VIE, and liabilities of consolidated
VIEs for which creditors do not have recourse to Blackstone Mortgage Trust, Inc. As of
March 31, 2025
and
December 31,
2024
, assets of the consolidated VIEs totaled
$
3.4
billion
and
$
2.4
billion
, respectively, and liabilities of the consolidated
VIEs totaled
$
2.6
billion
and
$
2.0
billion
, respectively. Refer to
Note 20
for additional discussion of the VIEs.
See accompanying notes to consolidated financial statements.
4
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share data)
Three Months Ended
March 31,
2025
2024
Income from loans and other investments
Interest and related income
$
332,057
$
486,122
Less: Interest and related expenses
242,233
343,730
Income from loans and other investments, net
89,824
142,392
Revenue from real estate owned
37,033
—
Gain on extinguishment of debt
—
2,963
Other income
90
—
Total net revenues
126,947
145,355
Expenses
Management and incentive fees
17,235
18,927
General and administrative expenses
12,664
13,728
Expenses from real estate owned
46,302
—
Total expenses
76,201
32,655
Increase in current expected credit loss reserve
(
49,505
)
(
234,868
)
Loss from unconsolidated entities
(
874
)
—
Income (loss) before income taxes
367
(
122,168
)
Income tax provision
718
1,002
Net loss
(
351
)
(
123,170
)
Net income attributable to non-controlling interests
(
6
)
(
668
)
Net loss attributable to Blackstone Mortgage Trust, Inc.
$
(
357
)
$
(
123,838
)
Net loss per share of common stock, basic and diluted
$
(
0.00
)
$
(
0.71
)
Weighted-average shares of common stock outstanding, basic and diluted
172,004,888
174,041,630
See accompanying notes to consolidated financial statements.
5
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Comprehensive
Income (Unaudited)
(in thousands)
Three Months Ended
March 31,
2025
2024
Net loss
$
(
351
)
$
(
123,170
)
Other comprehensive income
Unrealized gain (loss) on foreign currency translation
60,901
(
45,732
)
Realized and unrealized (loss) gain on derivative financial instruments
(
60,394
)
46,148
Unrealized loss on derivative financial instruments from unconsolidated
entities
(
184
)
—
Other comprehensive income
323
416
Comprehensive loss
(
28
)
(
122,754
)
Comprehensive income attributable to non-controlling interests
(
6
)
(
668
)
Comprehensive loss attributable to Blackstone Mortgage Trust, Inc.
$
(
34
)
$
(
123,422
)
See accompanying notes to consolidated financial statements.
6
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Changes in Equity (Unaudited)
(in thousands)
Blackstone Mortgage Trust, Inc.
Class A
Common
Stock
Additional
Paid-
In Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Stockholders'
Equity
Non-
Controlling
Interests
Total
Equity
Balance at
December 31, 2023
$
1,732
$
5,507,459
$
9,454
$
(
1,150,934
)
$
4,367,711
$
19,793
$
4,387,504
Restricted class A common stock
earned
4
7,907
—
—
7,911
—
7,911
Dividends reinvested
—
253
—
—
253
—
253
Deferred directors' compensation
—
201
—
—
201
—
201
Net (loss) income
—
—
—
(
123,838
)
(
123,838
)
668
(
123,170
)
Other comprehensive income
—
—
416
—
416
—
416
Dividends declared on common
stock and deferred stock units,
$
0.62
per share
—
—
—
(
107,901
)
(
107,901
)
—
(
107,901
)
Distributions to non-controlling
interests
—
—
—
—
—
(
627
)
(
627
)
Balance at
March 31, 2024
$
1,736
$
5,515,820
$
9,870
$
(
1,382,673
)
$
4,144,753
$
19,834
$
4,164,587
Balance at
December 31, 2024
$
1,728
$
5,511,053
$
8,268
$
(
1,733,741
)
$
3,787,308
$
6,881
$
3,794,189
Shares of class A common stock
issued, net
1
(
1
)
—
—
—
—
—
Repurchases of class A common
stock
(
18
)
(
31,629
)
—
—
(
31,647
)
—
(
31,647
)
Restricted class A common stock
earned
5
6,787
—
—
6,792
—
6,792
Dividends reinvested
—
213
—
—
213
—
213
Deferred directors' compensation
—
173
—
—
173
—
173
Net (loss) income
—
—
—
(
357
)
(
357
)
6
(
351
)
Other comprehensive income
—
—
323
—
323
—
323
Dividends declared on common
stock and deferred stock units,
$
0.47
per share
—
—
—
(
80,837
)
(
80,837
)
—
(
80,837
)
Distributions to non-controlling
interests
—
—
—
—
—
(
137
)
(
137
)
Balance at
March 31, 2025
$
1,716
$
5,486,596
$
8,591
$
(
1,814,935
)
$
3,681,968
$
6,750
$
3,688,718
See accompanying notes to consolidated financial statements.
7
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended March 31,
2025
2024
Cash flows from operating activities
Net loss
$
(
351
)
$
(
123,170
)
Adjustments to reconcile net loss to net cash provided by operating activities
Non-cash compensation expense
6,965
8,112
Amortization of deferred fees on loans
(
10,622
)
(
16,433
)
Amortization of deferred financing costs and premiums/discounts on debt
obligations
9,345
10,550
Payment-in-kind interest
(
3,570
)
(
2,329
)
Increase in current expected credit loss reserve
49,505
234,868
Straight-line rental income
901
—
Gain on extinguishment of debt
—
(
2,963
)
Depreciation and amortization of real estate owned
16,279
—
Loss from unconsolidated entities
874
—
Unrealized loss on derivative financial instruments, net
2,526
482
Realized gain on derivative financial instruments, net
(
5,480
)
(
4,895
)
Changes in assets and liabilities, net
Other assets
36,987
8,334
Other liabilities
(
2,843
)
(
17,946
)
Net cash provided by operating activities
100,516
94,610
Cash flows from investing activities
Principal fundings of loans receivable
(
1,677,727
)
(
301,678
)
Principal collections, sales proceeds, and cost-recovery proceeds from loans
receivable
1,940,914
637,242
Origination and other fees received on loans receivable
11,965
4,550
Payments under derivative financial instruments
(
13,384
)
(
72,113
)
Receipts under derivative financial instruments
93,882
4,815
Collateral deposited under derivative agreements
(
135,670
)
(
16,990
)
Return of collateral deposited under derivative agreements
70,840
120,490
Investment in unconsolidated entities
(
25,625
)
—
Capital expenditures on real estate owned
(
4,256
)
—
Net cash provided by investing activities
260,939
376,316
continued…
See accompanying notes to consolidated financial statements.
8
Blackstone Mortgage Trust, Inc.
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
Three Months Ended March 31,
2025
2024
Cash flows from financing activities
Borrowings under secured debt
$
1,029,960
$
529,753
Repayments under secured debt
(
905,532
)
(
671,610
)
Proceeds from issuance of securitized debt obligations
831,250
—
Repayments of securitized debt obligations
(
102,782
)
(
178,058
)
Borrowings under asset-specific debt
203,941
60,387
Repayments under asset-specific debt
(
936,274
)
—
Repayments and repurchases of term loans
(
3,690
)
(
5,499
)
Repurchases of senior secured notes
—
(
22,984
)
Payment of deferred financing costs
(
22,017
)
(
8,315
)
Distributions to non-controlling interests
(
137
)
(
627
)
Dividends paid on class A common stock
(
81,214
)
(
107,390
)
Repurchases of class A common stock
(
31,647
)
—
Net cash used in financing activities
(
18,142
)
(
404,343
)
Net increase in cash and cash equivalents
343,313
66,583
Cash and cash equivalents at beginning of year
323,483
350,014
Effects of currency translation on cash and cash equivalents
1,767
(
2,611
)
Cash and cash equivalents at end of year
$
668,563
$
413,986
Supplemental disclosure of cash flows information
Payments of interest
$
(
245,428
)
$
(
343,609
)
Payments of income taxes
$
(
782
)
$
(
1,161
)
Supplemental disclosure of non-cash investing and financing activities
Dividends declared, not paid
$
(
80,644
)
$
(
107,678
)
Loan principal payments held by servicer, net
$
577
$
90,006
Transfer of senior loan to real estate owned
$
34,721
$
60,203
Assumption of other assets and liabilities related to real estate owned
$
10,323
$
—
See accompanying notes to consolidated financial statements.
9
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (Unaudited)
1.
ORGANIZATION
References herein to "Blackstone Mortgage Trust," "Company," "we," "us" or "our" refer to Blackstone Mortgage Trust,
Inc., a Maryland corporation, and its subsidiaries unless the context specifically requires otherwise.
Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other
debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and
Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major
markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our
investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or
CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate
financing, depending on our view of the most prudent financing option available for each of our investments. We are
externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a
real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol "BXMT."
Our
principal executive offices are located at 345 Park Avenue, 24th Floor, New York, New York 10154.
We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal
income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders
and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an
exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding
company and conduct our business primarily through our various subsidiaries.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting
principles generally accepted in the United States of America, or GAAP, for interim financial information and the
instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements, including the notes
thereto, are unaudited and exclude some of the disclosures required in audited financial statements. We believe we have
made all necessary adjustments, consisting of only normal recurring items, so that the consolidated financial statements are
presented fairly and that estimates made in preparing our consolidated financial statements are reasonable and prudent. The
operating results presented for interim periods are not necessarily indicative of the results that may be expected for any
other interim period or for the entire year. The accompanying unaudited consolidated interim financial statements should
be read in conjunction with the audited consolidated financial statements included in our Annual Report on Form 10-K for
the fiscal year ended
December 31, 2024
filed with the Securities and Exchange Commission, or the SEC.
Basis of Presentation
The accompanying consolidated financial statements include, on a consolidated basis, our accounts, the accounts of our
wholly-owned subsidiaries, majority-owned subsidiaries, and variable interest entities, or VIEs, of which we are the
primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Principles of Consolidation
We consolidate all entities that we control through either majority ownership or voting rights. In addition, we consolidate
all VIEs of which we are considered the primary beneficiary. VIEs are defined as entities in which equity investors (i) do
not have an interest with the characteristics of a controlling financial interest and/or (ii) do not have sufficient equity at risk
for the entity to finance its activities without additional subordinated financial support from other parties. The entity that
consolidates a VIE is known as its primary beneficiary and is generally the entity with (i) the power to direct the activities
that most significantly affect the VIE's economic performance and (ii) the right to receive benefits from the VIE or the
obligation to absorb losses of the VIE that could be significant to the VIE. Entities that do not qualify as VIEs are generally
considered voting interest entities, or VOEs, and are evaluated for consolidation under the voting interest model. VOEs are
consolidated when we control the entity through a majority voting interest or other means.
For consolidated joint ventures, the non-controlling partner's share of the assets, liabilities, and operations of each joint
venture is included in non-controlling interests as a component of total equity. The non-controlling partner's interest is
generally computed as the joint venture partner's ownership percentage.
10
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
When the requirements for consolidation are not met and we have significant influence over the operations of the entity, the
investment is accounted for under the equity method of accounting.
Investments in unconsolidated entities are initially
recorded at cost and subsequently adjusted for our pro-rata share of net income, contributions and distributions.
We review our investments in unconsolidated entities for impairment each quarter or when there is an event or change in
circumstances that indicates a decrease in value. If there is a decrease in value due to a series of operating losses or other
factors, the investment is evaluated to determine if the loss in value is considered other than temporary. Although a curren
t
fair value below the carrying value of the investment is an indicator of impairment, we will only recognize an impairment
if the loss in value is determined to be an other than temporary impairment. If an impairment is determined to be other than
temporary, we will record an impairment charge sufficient to reduce the investment's carrying value to its fair value, which
would result in a new cost basis. This new cost basis will be used for future periods when recording subsequent income or
loss and cannot be written up to a higher value as a result of increases in fair value.
In 2017, we entered into a joint venture, or our Multifamily Joint Venture, with Walker & Dunlop Inc. to originate, hold,
and finance multifamily bridge loans. Pursuant to the terms of the agreements governing the joint venture, Walker &
Dunlop contributed
15
%
of the venture's equity capital and we contributed
85
%
. We consolidate the Multifamily Joint
Venture as we have a controlling financial interest. The non-controlling interests included on our consolidated balance
sheets represent the equity interests in our Multifamily Joint Venture that are owned by Walker & Dunlop. A portion of our
Multifamily Joint Venture's consolidated equity and results of operations are allocated to these non-controlling interests
based on Walker & Dunlop's pro rata ownership of our Multifamily Joint Venture.
In 2024, we entered into a joint venture, which we refer to as our
Net Lease Joint Venture
, with a Blackstone-advised
investment vehicle to invest in triple net lease properties.
We
do not consolidate the
Net Lease Joint Venture
as we do not
have a controlling financial interest. Our investment in the
Net Lease Joint Venture
is accounted for under the equity
method, and is recorded in investment in unconsolidated entities on our consolidated balance sheets, and our pro-rata share
of income (loss) is recorded in income (loss) from unconsolidated entities on our consolidated statements of operations.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of
the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. Actual results may ultimately differ materially from those estimates.
Revenue Recognition
Interest income from our loans receivable portfolio is recognized over the life of each loan using the effective interest
method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these
investments is deferred and recorded over the term of the loan as an adjustment to yield.
Income accrual is generally
suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery
of income and principal becomes doubtful
.
Interest received is then recorded as income or as a reduction in the amortized
cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually
current
and performance is demonstrated to be resumed.
In addition, for loans we originate, the related origination expenses
are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in
general and administrative expenses as incurred.
Cash and Cash Equivalents
Cash and cash equivalents represent cash held in banks and liquid investments with original maturities of three months or
less
.
We may have bank balances in excess of federally insured amounts; however, we deposit our cash and cash
equivalents with high credit-quality institutions to minimize credit risk exposure. We have not experienced, and do not
expect, any losses on our cash or cash equivalents.
As of both
March 31, 2025
and
December 31, 2024
,
we had
no
restricted
cash on our consolidated balance
sheets
.
Loans Receivable
We originate and purchase commercial real estate debt and related instruments generally to be held as long-term
investments at amortized cost.
11
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Current Expected Credit Losses Reserve
The current expected credit loss, or CECL, reserve required under the Financial Accounting Standards Board, or FASB,
Accounting Standards Codification, or ASC, Topic 326 "Financial Instruments – Credit Losses," or ASC 326, reflects our
current estimate of potential credit losses related to our loans and notes receivable included in our consolidated balance
sheets. Changes to the CECL reserves are recognized through net income on our consolidated statements of operations.
While ASC 326 does not require any particular method for determining the CECL reserves, it does specify the reserves
should be based on relevant information about past events, including historical loss experience, current portfolio and
market conditions, and reasonable and supportable forecasts for the duration of each respective loan. In addition, other than
a few narrow exceptions, ASC 326 requires that all financial instruments subject to the CECL model have some amount of
loss reserve to reflect the principle underlying the CECL model that all loans and similar assets have some inherent risk of
loss, regardless of credit quality, subordinate capital, or other mitigating factors.
We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or WARM method, which
has been identified as an acceptable loss-rate method for estimating CECL reserves in FASB Staff Q&A Topic 326, No. 1.
The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to
each of our loans over their expected remaining term, taking into consideration expected economic conditions over the
relevant timeframe. We apply the WARM method for the majority of our loan portfolio, which consists of loans that share
similar risk characteristics. In certain instances, for loans with unique risk characteristics, we may instead use a probability-
weighted model that considers the likelihood of default and expected loss given default for each such individual loan.
Application of the WARM method to estimate CECL reserves requires judgment, including (i) the appropriate historical
loan loss reference data, (ii) the expected timing and amount of future loan fundings and repayments, and (iii) the current
credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To
estimate the historic loan losses relevant to our portfolio, we have augmented our historical loan performance, with market
loan loss data licensed from Trepp LLC. This database includes commercial mortgage-backed securities, or CMBS, issued
since January 1, 1999 through
February 28, 2025
. Within this database, we focused our historical loss reference
calculations on the most relevant subset of available CMBS data, which we determined based on loan metrics that are most
comparable to our loan portfolio including asset type, geography, and origination loan-to-value, or LTV. We believe this
CMBS data, which includes month-over-month loan and property performance, is the most relevant, available, and
comparable dataset to our portfolio.
Our loans typically include commitments to fund incremental proceeds to our borrowers over the life of the loan. These
future funding commitments are also subject to the CECL model. The CECL reserve related to future loan fundings is
recorded as a component of other liabilities on our consolidated balance sheets. This CECL reserve is estimated using the
same process outlined above for our outstanding loan balances, and changes in this component of the CECL reserve will
similarly impact our consolidated net income. For both the funded and unfunded portions of our loans, we consider our
internal risk rating of each loan as the primary credit quality indicator underlying our assessment.
The CECL reserves are measured on a collective basis wherever similar risk characteristics exist within a pool of similar
assets. We have identified the following pools and measure the reserve for credit losses using the following methods:
•
U.S. Loans
: WARM method that incorporates a subset of historical loss data, expected weighted-average
remaining maturity of our loan pool, and an economic view.
•
Non-U.S. Loans
: WARM method that incorporates a subset of historical loss data, expected weighted-average
remaining maturity of our loan pool, and an economic view.
•
Unique Loans
: a probability of default and loss given default model, assessed on an individual basis.
•
Impaired Loans
:
impairment is indicated when it is deemed probable that we will not be able to collect all
amounts due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires
significant judgment from management and is based on several factors including (i) the underlying collateral
performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact
the borrower's ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be
impaired, we record the impairment as a component of our CECL reserves by applying the practical expedient for
collateral dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing
the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan.
These valuations require significant judgments, which include assumptions regarding capitalization rates, discount
rates, leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan
sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could
12
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our
consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-
recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be
concluded if, in our determination, it is nearly certain that all amounts due will not be collected.
Contractual Term and Unfunded Loan Commitments
Expected credit losses are estimated over the contractual term of each loan, adjusted for expected repayments. As part of
our quarterly review of our loan portfolio, we assess the expected repayment date of each loan, which is used to determine
the contractual term for purposes of computing our CECL reserves.
Additionally, the expected credit losses over the contractual period of our loans are subject to the obligation to extend
credit through our unfunded loan commitments. The CECL reserve for unfunded loan commitments is adjusted quarterly,
as we consider the expected timing of future funding obligations over the estimated life of the loan. The considerations in
estimating our CECL reserve for unfunded loan commitments are similar to those used for the related outstanding loans
receivable.
Credit Quality Indicator
Our risk rating is our primary credit quality indicator in assessing our current expected credit loss reserve. We perform a
quarterly risk review of our portfolio of loans, and assign each loan a risk rating based on a variety of factors, including,
without limitation, origination LTV, debt yield, property type, geographic and local market dynamics, physical condition,
cash flow volatility, leasing and tenant profile, loan structure and exit plan, and project sponsorship. Based on a 5-point
scale, our loans are rated "l" through "5," from less risk to greater risk, relative to our loan portfolio in the aggregate, which
ratings are defined as follows:
1 -
Very Low Risk
2 -
Low Risk
3 -
Medium Risk
4 -
High Risk/Potential for Loss:
A loan that has a risk of realizing a principal loss.
5 -
Impaired/Loss Likely:
A loan that has a very high risk of realizing a principal loss or has otherwise incurred a
principal loss.
Estimation of Economic Conditions
In addition to the WARM method computations and probability-weighted models described above, our CECL reserves are
also adjusted to reflect our estimation of the current and future economic conditions that impact the performance of the
commercial real estate assets securing our loans. These estimations include unemployment rates, interest rates, expectations
of inflation and/or recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit
losses for our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we
have also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that broader
economic conditions may have on our loan portfolio's performance. We generally also incorporate information from other
sources, including information and opinions available to our Manager, to further inform these estimations. This process
requires significant judgments about future events that, while based on the information available to us as of the balance
sheet date, are ultimately indeterminate and the actual economic condition impacting our portfolio could vary significantly
from the estimates we made as of
March 31, 2025
.
Real Estate Owned
We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of
foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision-
making at the property, resulting in us consolidating the real estate assets as VIEs.
Th
ese real estate acquisitions are
classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the
acquisition date in accordance with the ASC Topic 805, "Business Combinations."
Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land,
buildings, tenant improvements, "above-market" and "below-market" leases, acquired in-place leases, other identified
13
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed
liabilities.
We assess and consider fair value based on estimated cash flow projections that utilize discount and/or
capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows
are based on a number of factors including the historical operating results, known and anticipated trends, and market and
economic conditions.
We capitalize acquisition-related costs associated with asset acquisitions.
Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets'
estimated useful lives of up to
40
years
for buildings and
10
years
for tenant improvements. Renovations and/or
replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.
Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary
repairs and maintenance are expensed as incurred.
Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the
asset exceeds the undiscounted cash
flows over the remaining holding period
, the asset is considered for
impairment
.
The
impairment loss is recognized when the
carrying value of the real estate assets exceed
their fair value.
The evaluation of
anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental
rates, capital requirements and anticipated holding periods that could differ materially from actual results.
Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 "Property,
Plant, and Equipment." Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is
reported at the lower of its carrying value or fair value less cost to sell
. If circumstances arise and we decide not to sell a
real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon
reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for
sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for
investment, and (ii) its estimated fair value at the time of reclassification.
As of
March 31, 2025
, we had
eight
REO assets which were all classified as held for investment
.
Agency Multifamily Lending Partnership
In the second quarter of 2024, we entered into an agreement with M&T Realty Capital Corporation, or MTRCC, a
subsidiary of M&T Bank, that allows our borrowers to access multifamily agency financing through MTRCC's Fannie
Mae DUS and Freddie Mac Optigo lending platforms, or the
Agency Multifamily Lending Partnership
. We will receive a
portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both the Fannie
Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans that we refer
to MTRCC for origination under the Fannie Mae program.
Revenue Recognition
For loans that we refer to MTRCC for origination under both the Fannie Mae and Freddie Mac programs, we recognize our
allocable portion of origination, servicing, and other fees in other income when we have satisfied our performance
obligations in accordance with the "Revenue from Contracts with Customers" Topic of the FASB, or ASC 606. Our
performance obligations are generally satisfied when the loan is referred by us to MTRCC and subsequently originated and
sold under the Fannie Mae and Freddie Mac programs. A portion of the fees recognized, such as servicing fees, are variable
and will be reevaluated for collectability on a recurring basis.
Loss-sharing Obligation
Pursuant to our agreement with MTRCC, we are subject to a loss-sharing obligation with respect to MTRCC's obligation
to partially guarantee the performance of loans that they originate and sell under the Fannie Mae program. This loss-
sharing agreement requires us to fund a fixed amount of cash into a segregated account based on the amount MTRCC is
required to fund under the Fannie Mae program, with respect to loans we referred to MTRCC.
In addition, we will recognize a liability for these loss-sharing obligations. This liability will be initially recognized at fair
value with a corresponding expense at inception, and it will subsequently be amortized on a straight-line basis over the life
of the loss-sharing obligation. This liability is included within other liabilities in our consolidated balance sheets.
As of
both
March 31, 2025
and
December 31, 2024
, our maximum loss-sharing obligation associated with the loans referred by
us to MTRCC under the Fannie Mae program was
$
3.5
million
, and we have recorded
a related liability of
$
20,000
.
There
have been
no
losses incurred as a result of the loss-sharing obligations.
14
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Derivative Financial Instruments
We classify all derivative financial instruments as either other assets or other liabilities on our consolidated balance sheets
at fair value.
On the date we enter into a derivative contract, we designate each contract as (i) a hedge of a net investment in a foreign
operation, or net investment hedge, (ii) a hedge of a forecasted transaction or of the variability of cash flows to be received
or paid related to a recognized asset or liability, or cash flow hedge, (iii) a hedge of a recognized asset or liability, or fair
value hedge, or (iv) a derivative instrument not to be designated as a hedging derivative, or non-designated hedge. For all
derivatives other than those designated as non-designated hedges, we formally document our hedge relationships and
designation at the contract's inception. This documentation includes the identification of the hedging instruments and the
hedged items, its risk management objectives, strategy for undertaking the hedge transaction and our evaluation of the
effectiveness of its hedged transaction.
On a quarterly basis, we also formally assess whether the derivative we designated in each hedging relationship is expected
to be, and has been, highly effective in offsetting changes in the value or cash flows of the hedged items. If it is determined
that a derivative is not highly effective at hedging the designated exposure, hedge accounting is discontinued and the
changes in fair value of the instrument are included in net income prospectively. Our net investment hedges are assessed
using a method based on changes in spot exchange rates. Gains and losses, representing hedge components excluded from
the assessment of effectiveness, are recognized in interest income on our consolidated statements of operations over the
contractual term of our net investment hedges on a systematic and rational basis, as documented at hedge inception in
accordance with our accounting policy election. All other changes in the fair value of our derivative instruments that
qualify as hedges are reported as a component of accumulated other comprehensive income (loss) on our consolidated
financial statements. Deferred gains and losses are reclassified out of accumulated other comprehensive income (loss) and
into net income in the same period or periods during which the hedged transaction affects earnings, and are presented in the
same line item as the earnings effect of the hedged item. For cash flow hedges, this is typically when the periodic swap
settlements are made, while for net investment hedges, this occurs when the hedged item is sold or substantially liquidated.
To the extent a derivative does not qualify for hedge accounting and is deemed a non-designated hedge, the changes in its
fair value are included in net income concurrently.
Proceeds or payments from periodic settlements of derivative instruments are classified on our consolidated statement of
cash flows in the same section as the underlying hedged item.
Secured Debt and Asset-Specific Debt
We record investments financed with secured debt or asset-specific debt as separate assets and the related borrowings
under any secured debt or asset-specific debt are recorded as separate liabilities on our consolidated balance sheets. Interest
income earned on the investments and interest expense incurred on the secured debt or asset-specific debt are reported
separately on our consolidated statements of operations.
Loan Participations Sold
In certain instances, we have executed a syndication of a non-recourse loan interest to a third-party. Depending on the
particular structure of the syndication, the loan interest may remain on our GAAP balance sheet or, in other cases, the sale
will be recognized and the loan interest will no longer be included in our consolidated financial statements. When these
sales are not recognized under GAAP we reflect the transaction by recording a loan participation sold liability on our
consolidated balance sheet, however this gross presentation does not impact stockholders' equity or net income. When the
sales are recognized, our balance sheet only includes our remaining loan interest, and excludes the interest in the loan that
we sold.
15
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Term Loans
We record our term loans as liabilities on our consolidated balance sheets. Where applicable, any issue discount or
transaction expenses are deferred and amortized through the maturity date of the term loans as additional non-cash interest
expense.
Senior Secured Notes
We record our senior secured notes as liabilities on our consolidated balance sheets. Where applicable, any issue discount
or transaction expenses are deferred and amortized through the maturity date of the senior secured notes as additional non-
cash interest expense.
Convertible Notes
Convertible note proceeds, unless issued with a substantial premium or an embedded conversion feature, are classified as
debt. Additionally, shares issuable under our convertible notes are included in diluted earnings per share in our
consolidated financial statements, if the effect is dilutive, using the if-converted method, regardless of settlement intent.
Where applicable, any issue discount or transaction expenses are deferred and amortized through the maturity date of the
convertible notes as additional non-cash interest expense.
Deferred Financing Costs
The deferred financing costs that are included as a reduction in the net book value of the related liability on our
consolidated balance sheets include issuance and other costs related to our debt obligations. These costs are amortized as
interest expense using the effective interest method over the life of the related obligations.
Underwriting Commissions and Offering Costs
Underwriting commissions and offering costs incurred in connection with common stock offerings are reflected as a
reduction of additional paid-in capital. Costs incurred that are not directly associated with the completion of a common
stock offering are expensed when incurred.
Fair Value of Financial Instruments
The "Fair Value Measurements and Disclosures" Topic o
f the FASB, or ASC 820, defines fair value, establishes a
framework for measuring fair value, and requires certain disclosures about fair value measurements under GAAP.
Specifically, this guidance defines fair value based on exit price, or the price that would be received upon the sale of an
asset or the transfer of a liability in an orderly transaction between market participants at the measurement date.
ASC 820 also establishes a fair value hierarchy that prioritizes and ranks the level of market price observability used in
measuring financial instruments. Market price observability is affected by a number of factors, including the type of
financial instrument, the characteristics specific to the financial instrument, and the state of the marketplace, including the
existence and transparency of transactions between market participants. Financial instruments with readily available quoted
prices in active markets generally will have a higher degree of market price observability and a lesser degree of judgment
used in measuring fair value.
Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs
used in the determination, as follows:
•
Level 1: Generally includes only unadjusted quoted prices that are available in active markets for identical
financial instruments as of the reporting date.
•
Level 2: Pricing inputs include quoted prices in active markets for similar instruments, quoted prices in less active
or inactive markets for identical or similar instruments where multiple price quotes can be obtained, and other
observable inputs, such as interest rates, yield curves, credit risks, and default rates.
•
Level 3: Pricing inputs are unobservable for the financial instruments and include situations where there is little, if
any, market activity for the financial instrument. These inputs require significant judgment or estimation by
management of third-parties when determining fair value and generally represent anything that does not meet the
criteria of Levels 1 and 2.
16
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Certain of our other assets are reported at fair value, as of quarter-end, either (i) on a recurring basis or (ii) on a
nonrecurring basis, as a result of impairment or other events. Our assets that are recorded at fair value are discussed further
in
Note 19
. We generally value our assets recorded at fair value by either (i) discounting expected cash flows based on
assumptions regarding the collection of principal and interest and estimated market rates, or (ii) obtaining assessments from
third-parties. For collateral-dependent loans that are identified as impaired, we measure impairment by comparing our
estimation of the fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These
valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates, leasing,
creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions
of other lenders, and other factors.
As of
March 31, 2025
, we had an aggregate
$
555.4
million
asset-specific CECL reserve related to
13
of our loans
receivable with an aggregate amortized cost basis of
$
1.5
billion
, net of cost-recovery proceeds. The CECL reserve was
recorded based on our estimation of the fair value of the loans' aggregate underlying collateral as of
March 31, 2025
. These
loans receivable are therefore measured at fair value on a nonrecurring basis using significant unobservable inputs, and are
classified as Level 3 assets in the fair value hierarchy. We estimated the fair value of the collateral underlying the loans
receivable by considering a variety of inputs including property performance, market data, and comparable sales, as
applicable. The significant unobservable inputs employed include the exit capitalization rate assumption used to forecast
the future sale price of the underlying real estate collateral, which ranged from
6.00
%
to
8.00
%
, and the unlevered discount
rate assumption, which ranged from
7.00
%
to
15.00
%
.
In the
three months ended
March 31, 2025
, we acquired legal title to
one
REO asset through a deed-in-lieu of foreclosure
transaction. At the time of acquisition, we determined the fair value of the real estate asset based on a variety of inputs
including, but not limited to, estimated cash flow projections, leasing assumptions, required capital expenditures, market
data, and comparable sales. The REO asset was measured at fair value on a nonrecurring basis using significant
unobservable inputs and is classified as a Level 3 asset in the fair value hierarchy. The significant unobservable inputs
employed include (i) the exit capitalization rate assumption of
8.55
%
used to forecast the future sale price of the asset, and
(ii) the unlevered discount rate assumption of
10.55
%
. Refer to
Note 4
and
Note 19
for additional information.
We are also required by GAAP to disclose fair value information about financial instruments, which are not otherwise
reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate a fair value for those
instruments. These disclosure requirements exclude certain financial instruments and all non-financial instruments.
The following methods and assumptions are used to estimate the fair value of each class of financial instruments, for which
it is practicable to estimate that value:
•
Cash and cash equivalents: The carrying amount of cash and cash equivalents approximates fair value.
•
Loans receivable, net: The fair values of these loans were estimated using a discounted cash flow methodology,
taking into consideration various factors including capitalization rates, discount rates, leasing, credit worthiness of
major tenants, occupancy rates, availability and cost of financing, exit plan, loan sponsorship, actions of other
lenders, and other factors.
•
Derivative financial instruments: The fair value of our foreign currency and interest rate contracts was estimated
using advice from a third-party derivative specialist, based on contractual cash flows and observable inputs
comprising foreign currency rates and credit spreads.
•
Secured debt, net: The fair value of these instruments was estimated based on the rate at which a similar credit
facility would currently be priced.
•
Securitized debt obligations, net: The fair value of these instruments was estimated by utilizing third-party pricing
service providers. In determining the value of a particular investment, pricing service providers may use broker-
dealer quotations, reported trades, or valuation estimates from their internal pricing models to determine the
reported price.
•
Asset-specific debt, net: The fair value of these instruments was estimated based on the rate at which a similar
agreement would currently be priced.
•
Loan participations sold, net: The fair value of these instruments was estimated based on the value of the related
loan receivable asset.
•
Term loans, net: The fair value of these instruments was estimated by utilizing third-party pricing service
providers. In determining the value of a particular investment, pricing service providers may use broker-dealer
17
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported
price.
•
Senior secured notes, net: The fair value of these instruments was estimated by utilizing third-party pricing service
providers. In determining the value of a particular investment, pricing service providers may use broker-dealer
quotations, reported trades, or valuation estimates from their internal pricing models to determine the reported
price.
•
Convertible notes, net: Each series of the convertible notes is actively traded and their fair values were obtained
using quoted market prices.
Income Taxes
Our financial results generally do not reflect provisions for current or deferred income taxes on our REIT taxable income.
We believe that we operate in a manner that will continue to allow us to be taxed as a REIT and, as a result, we generally
do not expect to pay substantial corporate level taxes other than those payable by our taxable REIT subsidiaries. If we were
to fail to meet these requirements, we may be subject to federal, state, and local income tax on current and past income, and
penalties. Refer to
Note 17
for additional information.
Stock-Based Compensation
Our stock-based compensation consists of awards issued to our Manager, certain individuals employed by an affiliate of
our Manager, and certain members of our board of directors that vest over the life of the awards, as well as deferred stock
units issued to certain members of our board of directors. Stock-based compensation expense is recognized for these
awards in net income on a variable basis over the applicable vesting period of the awards, based on the value of our class A
common stock. Refer to
Note 18
for additional information.
Earnings per Share
Basic earnings per share, or Basic EPS, is computed in accordance with the two-class method and is based on (i) the net
earnings allocable to our class A common stock, including restricted class A common stock and deferred stock units,
divided by (ii) the weighted-average number of shares of our class A common stock, including restricted class A common
stock and deferred stock units outstanding during the period. Our restricted class A common stock is considered a
participating security, as defined by GAAP, and has been included in our Basic EPS under the two-class method as these
restricted shares have the same rights as our other shares of class A common stock, including participating in any gains or
losses.
Diluted earnings per share, or Diluted EPS, is determined using the if-converted method, and is based on (i) the net
earnings, adjusted for interest expense incurred on our convertible notes during the relevant period, net of incentive fees,
allocable to our class A common stock, including restricted class A common stock and deferred stock units, divided by (ii)
the weighted-average number of shares of our class A common stock, including restricted class A common stock, deferred
stock units, and shares of class A common stock issuable under our convertible notes. Refer to
Note 15
for additional
discussion of earnings per share.
Foreign Currency
In the normal course of business, we enter into transactions not denominated in United States, or U.S., dollars. Foreign
exchange gains and losses arising on such transactions are recorded as a gain or loss in our consolidated statements of
operations. In addition, we consolidate entities that have a non-U.S. dollar functional currency. Non-U.S. dollar
denominated assets and liabilities are translated to U.S. dollars at the exchange rate prevailing at the reporting date and
income, expenses, gains, and losses are translated at the average exchange rate over the applicable period. Cumulative
translation adjustments arising from the translation of non-U.S. dollar denominated subsidiaries are recorded in other
comprehensive income (loss).
Recent Accounting Pronouncements
In November 2024, the FASB issued Account Standards Update, or ASU, 2024-04 "Debt with Conversion and Other
Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments,", or ASU 2024-04. ASU 2024-04
clarifies the accounting treatment for settlement of a convertible debt instrument as an induced conversion. ASU 2024-04 is
effective on a prospective basis, with the option for retrospective application, for fiscal years beginning after December 15,
18
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
2025. We have not early adopted ASU 2024-04 and do not expect the adoption of ASU 2024-04 to have a material impact
on our consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03 "Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses," or ASU 2024-03. ASU 2024-03 requires disclosures in the notes to the
financial statements on specified information about certain costs and expenses for each interim and annual reporting period.
ASU 2024-03 is effective on either a prospective basis, with the option for retrospective application, for annual periods
beginning after December 15, 2026, for interim periods within fiscal years beginning after December 15, 2027, and early
adoption is permitted. We have not early adopted ASU 2024-03 and do not expect the adoption of ASU 2024-03 to have a
material impact on our consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax
Disclosures," or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on an entity's effective tax rate
reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option
for retrospective application, for annual periods beginning after December 15, 2024 and early adoption is permitted. We
have not early adopted ASU 2023-09 and do not expect the adoption of ASU 2023-09 to have a material impact on our
consolidated financial statements.
3.
LOANS RECEIVABLE, NET
The following table details overall statistics for our loans receivable portfolio ($ in thousands):
March 31, 2025
December 31, 2024
Number of loans
138
130
Principal balance
$
19,217,768
$
19,203,126
Net book value
$
18,308,171
$
18,313,582
Unfunded loan commitments
(1)
$
1,033,229
$
1,263,068
Weighted-average cash coupon
(2)
+
3.39
%
+
3.46
%
Weighted-average all-in yield
(2)
+
3.70
%
+
3.78
%
Weighted-average maximum maturity (years)
(3)
2.3
2.1
(1)
Unfunded commitments will primarily be funded to finance our borrowers' construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)
The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include
SOFR
, SONIA, EURIBOR, and other indices, as applicable to each loan.
As of
March 31, 2025
and
December 31, 2024
,
substantially all of our loans by principal balance
earned a floating rate of interest,
primarily indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination
and extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.
Excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any
.
(3)
Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date.
Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any
. As of
March 31, 2025
,
17
%
of our loans by principal balance were subject to yield maintenance or other prepayment
restrictions and
83
%
were open to repayment by the borrower without penalty. As of
December 31, 2024
,
10
%
of
our loans by principal balance were subject to yield maintenance or other prepayment restrictions and
90
%
were
open to repayment by the borrower without penalty.
19
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The
following table details the index rate floors for our loans receivable portfolio as of
March 31, 2025
($ in thousands):
Loans Receivable Principal Balance
Index Rate Floors
USD
Non-USD
(1)
Total
Fixed Rate
$
161,794
$
—
$
161,794
0.00% or no floor
(2)
2,253,062
5,429,004
7,682,066
0.01% to 1.00% floor
3,831,152
383,878
4,215,030
1.01% to 2.00% floor
1,270,538
1,002,702
2,273,240
2.01% to 3.00% floor
2,840,351
371,186
3,211,537
3.01% or more floor
1,340,478
333,623
1,674,101
Total
(3)
$
11,697,375
$
7,520,393
$
19,217,768
(1)
Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc
currencies.
(2)
Includes all impaired loans.
(3)
As of
March 31, 2025
, the weighted-average index rate floor of our floating-rate loans receivable principal balance
was
1.13
%
. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was
1.74
%
.
Activity relating to our loans receivable portfolio was as follows ($ in thousands):
Principal
Balance
Deferred Fees /
Other Items
(1)
Net Book
Value
Loans Receivable, as of
December 31, 2024
$
19,203,126
$
(
155,608
)
$
19,047,518
Loan fundings
1,677,727
—
1,677,727
Loan repayments, sales, and cost-recovery proceeds
(
1,810,678
)
(
18,923
)
(
1,829,601
)
Charge-offs
(
50,384
)
8,560
(
41,824
)
Transfer to real estate owned
(
34,721
)
—
(
34,721
)
Transfer to other assets, net
(2)
(
10,323
)
—
(
10,323
)
Payment-in-kind interest
3,570
—
3,570
Unrealized gain (loss) on foreign currency translation
239,451
(
742
)
238,709
Deferred fees and other items
—
(
11,965
)
(
11,965
)
Amortization of fees and other items
—
10,622
10,622
Loans Receivable, as of
March 31, 2025
$
19,217,768
$
(
168,056
)
$
19,049,712
CECL reserve
(
741,541
)
Loans Receivable, net, as of
March 31, 2025
$
18,308,171
(1)
Other items primarily consist of
purchase and sale discounts or premiums, exit fees, deferred origination expenses,
and cost-recovery proceeds
.
(2)
This amount relates to intangible and other assets recorded in connection with loans that were transferred to REO,
net of liabilities recorded upon acquisition, if any. See
Note 6
for further information.
20
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The tables below detail the property type and geographic distribution of the properties securing the loans in our portfolio
($ in thousands):
March 31, 2025
Property Type
Number of Loans
Net Book Value
Net Loan Exposure
(1)
Net Loan Exposure
Percentage of Portfolio
Multifamily
52
$
5,417,246
$
5,239,108
30
%
Office
41
5,925,523
5,190,538
29
Hospitality
17
2,857,777
2,745,468
15
Industrial
14
2,590,953
2,558,417
14
Retail
5
605,745
581,280
3
Self-storage
3
632,208
471,183
3
Life Sciences / Studio
3
341,401
335,452
2
Other
3
678,859
641,886
4
Total loans receivable
138
$
19,049,712
$
17,763,332
100
%
CECL reserve
(
741,541
)
Loans receivable, net
$
18,308,171
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure
(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
48
$
4,902,798
$
4,398,225
25
%
Northeast
21
3,252,180
3,022,630
17
West
22
1,935,719
1,814,883
10
Midwest
11
943,864
797,296
4
Northwest
4
459,427
458,431
3
Subtotal
106
11,493,988
10,491,465
59
International
United Kingdom
16
3,088,887
3,016,245
17
Ireland
3
1,115,753
1,110,602
6
Australia
4
1,062,241
1,066,203
6
Spain
3
802,613
758,165
4
Sweden
1
473,437
473,728
2
Canada
1
434,420
273,344
2
Other Europe
3
517,620
512,645
4
Other International
1
60,753
60,935
—
Subtotal
32
7,555,724
7,271,867
41
Total loans receivable
138
$
19,049,712
$
17,763,332
100
%
CECL reserve
(
741,541
)
Loans receivable, net
$
18,308,171
(1)
Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of
March 31, 2025
,
which is our principal balance net of (i)
$
494.1
million
of asset-specific debt, (ii)
$
117.1
million
of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of
$
741.5
million
, and (iv)
$
101.7
million
of junior loan
interests that we have sold, but that remain included in our consolidated financial statements
. See
Note 2
for further
discussion of loan participations sold.
Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
21
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
December 31, 2024
Property Type
Number of Loans
Net Book Value
Net Loan Exposure
(1)
Net Loan Exposure
Percentage of Portfolio
Office
41
$
7,386,333
$
5,729,418
33
%
Multifamily
50
5,091,767
4,934,364
29
Hospitality
16
2,768,374
2,663,349
16
Industrial
11
2,030,627
2,000,831
12
Retail
5
555,553
532,069
3
Life Sciences/Studio
3
342,817
337,687
2
Other
4
872,047
836,585
5
Total loans receivable
130
$
19,047,518
$
17,034,303
100
%
CECL reserve
(
733,936
)
Loans receivable, net
$
18,313,582
Geographic Location
Number of Loans
Net Book Value
Net Loan Exposure
(1)
Net Loan Exposure
Percentage of Portfolio
United States
Sunbelt
44
$
4,520,632
$
4,084,242
24
%
Northeast
21
4,614,582
3,452,961
20
West
21
1,865,382
1,746,309
10
Midwest
10
997,156
820,858
5
Northwest
4
432,644
432,794
3
Subtotal
100
12,430,396
10,537,164
62
International
United Kingdom
16
2,916,145
2,839,096
17
Ireland
3
1,050,276
1,048,329
6
Australia
3
920,182
923,507
5
Spain
3
785,368
744,287
4
Sweden
1
429,084
429,724
2
Other Europe
3
455,417
451,245
4
Other International
1
60,650
60,951
—
Subtotal
30
6,617,122
6,497,139
38
Total loans receivable
130
$
19,047,518
$
17,034,303
100
%
CECL reserve
(
733,936
)
Loans receivable, net
$
18,313,582
(1)
N
et loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of
December 31,
2024
, which is our principal balance net of (i)
$
1.2
billion
of asset-specific debt, (ii)
$
106.7
million
of cost-recovery
p
roceeds, (iii) our total loans receivable CECL reserve of
$
733.9
million
, and (iv)
$
100.1
million
of junior loan
interests that we have sold, but that remain included in our consolidated financial statements
. See
Note 2
for further
discussion of loan participations sold. Our asset-specific debt and loan participations sold are structurally non-
recourse and term-matched to the corresponding collateral loans.
22
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Loan Risk Ratings
As further described in
Note 2
, we evaluate our loan portfoli
o on a quarterly
basis. In conjunction with our quarterly loan
portfolio review, we assess the risk factors of each loan, and assign a risk rating based on several factors. Factors
considered in the assessment include, but are not limited to, risk of loss, origination LTV, debt yield, collateral
performance, structure, exit plan, and sponsorship. Loans are rated "1" (less risk) through "5" (greater risk), which ratings
are defined in
Note 2
.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):
March 31, 2025
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure
(1)
1
10
$
562,331
$
561,866
2
20
3,324,353
3,324,516
3
75
10,728,778
10,093,832
4
20
2,912,484
2,813,943
5
13
1,521,766
969,175
Total loans receivable
138
$
19,049,712
$
17,763,332
CECL reserve
(
741,541
)
Loans receivable, net
$
18,308,171
December 31, 2024
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure
(1)
1
11
$
1,919,280
$
994,056
2
21
3,346,881
3,349,347
3
65
9,246,692
8,818,346
4
20
2,707,104
2,622,877
5
13
1,827,561
1,249,677
Total loans receivable
130
$
19,047,518
$
17,034,303
CECL reserve
(
733,936
)
Loans receivable, net
$
18,313,582
(1)
Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of
March 31, 2025
,
which is our principal balance net of (i)
$
494.1
million
of asset-specific debt, (ii)
$
117.1
million
of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of
$
741.5
million
, and (iv)
$
101.7
million
of junior loan
interests that we have sold, but that remain included in our consolidated financial statements
. Our asset-specific debt
and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Our loan portfolio had a weighted-average risk rating of
3.0
as of both
March 31, 2025
and
December 31, 2024
,
respectively
.
23
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Current Expected Credit Loss Reserve
The CECL reserves required under GAAP reflect our current estimate of potential credit losses related to the loans included
in our consolidated balance sheets. Refer to
Note 2
for further discussion of our CECL reserves.
The following table
presents the activity in our loans receivable CECL reserve by investment pool for the
three months ended
March 31, 2025
and
2024
($ in thousands):
U.S. Loans
(1)
Non-U.S.
Loans
Unique
Loans
Impaired
Loans
Total
Loans Receivable, Net
CECL reserves as of
December 31, 2024
$
80,057
$
26,141
$
47,087
$
580,651
$
733,936
Increase in CECL reserves
17,604
13,796
1,477
16,552
49,429
Charge-offs of CECL reserves
—
—
—
(
41,824
)
(
41,824
)
CECL reserves as of
March 31, 2025
$
97,661
$
39,937
$
48,564
$
555,379
$
741,541
CECL reserves as of
December 31, 2023
$
78,335
$
31,560
$
49,371
$
417,670
$
576,936
(Decrease) increase in CECL reserves
(
3,807
)
(
770
)
(
5,918
)
245,942
235,447
Charge-offs of CECL reserves
—
—
—
(
61,013
)
(
61,013
)
CECL reserves as of
March 31, 2024
$
74,528
$
30,790
$
43,453
$
602,599
$
751,370
(1)
Includes
one
U.S. dollar-denominated loan that is located in Bermuda.
During the
three months ended
March 31, 2025
, we recorded a net
increase
of
$
49.4
million
in the CECL reserves against
our loans receivable portfolio, primarily due to a
$
32.9
million
increase
in our general CECL reserves, offset by charge-
offs of our CECL reserves of
$
41.8
million
, bringing our total loans receivable CECL reserve to
$
741.5
million
as of
March 31, 2025
. This
increase
in our general CECL reserves was primarily as a result of
a change in the portfolio mix, as
loan repayments were offset by new originations, as well as changes in the historical loss rate
. Additionally, we recorded an
increase in our asset-specific CECL reserves, primarily as a result of
one
additional loan that was impaired during the three
months ended
March 31, 2025
, which was secured by an office asset.
The office sector is generally facing reduced tenant
and capital markets demand in recent years. Impairments are each determined individually as a result of changes in the
specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral
performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the
borrower's ability to pay the contractual amounts due under the terms of the loan.
The income accrual was suspended on
the
one
loan that was impaired during the three months ended
March 31, 2025
, as the recovery of income and principal was
doubtful. During the three months ended
March 31, 2025
, we recorded
$
2.8
million
of interest income on this loan. This
increase
in the CECL reserves was partially offset by a resolution and a
$
41.8
million
charge-off of the CECL reserve on
one
previously impaired loan.
The resolution was the result of an acquisition of title through a deed-in-lieu of foreclosure
transaction related to an office property located in Chicago, IL, which is now included on our consolidated balance sheet as
an REO asset.
As of
March 31, 2025
, we had an aggregate
$
555.4
million
asset-specific CECL reserve related to
13
of our loans
receivable, with an aggregate amortized cost basis of
$
1.5
billion
, net of cost-recovery proceeds. This CECL reserve was
recorded based on our estimation of the fair value of each of the loan's underlying collateral as of
March 31, 2025
.
No
income was recorded on our impaired loans subsequent to determining that they were impaired. During the three months
ended
March 31, 2025
, we received an aggregate
$
18.9
million
of cash proceeds from such loans that were applied as a
reduction to the amortized cost basis of each respective loan.
As of
March 31, 2025
,
one
of our performing loans with an amortized cost basis of
$
195.0
million
, inclusive of a
$
50.0
million
junior loan participation sold,
was past its current maturity date, was greater than 90 days past due on its
interest payment, and had a risk rating of "3." This loan was not impaired as of March 31, 2025 as the estimated fair value
of the underlying collateral exceeded our basis in the loan. As of March 31, 2025, all other borrowers under performing
loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of
interest.
Refer to
Note 2
for further discussion of our policies on revenue recognition and our CECL reserves.
24
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Our primary credit quality indicator is our risk ratings, which are further discussed above. The following tables present the
net book value of our loan portfolio as of
March 31, 2025
and
2024
, respectively, by year of origination, investment pool,
and risk rating ($ in thousands):
Net Book Value of Loans Receivable by Year of Origination
(1)
As of March 31, 2025
Risk Rating
2025
2024
2023
2022
2021
Prior
Total
U.S. loans
1
$
—
$
—
$
—
$
151,381
$
215,728
$
114,183
$
481,292
2
—
60,754
—
197,014
1,628,396
152,678
2,038,842
3
554,167
270,141
—
1,537,931
2,187,705
931,344
5,481,288
4
—
—
—
363,173
842,455
970,948
2,176,576
5
—
—
—
—
—
—
—
Total U.S. loans
$
554,167
$
330,895
$
—
$
2,249,499
$
4,874,284
$
2,169,153
$
10,177,998
Non-U.S. loans
1
$
—
$
—
$
—
$
—
$
81,039
$
—
$
81,039
2
92,018
—
—
467,554
619,179
106,760
1,285,511
3
851,629
—
—
626,990
1,421,084
1,249,321
4,149,024
4
—
—
—
—
—
207,305
207,305
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$
943,647
$
—
$
—
$
1,094,544
$
2,121,302
$
1,563,386
$
5,722,879
Unique loans
1
$
—
$
—
$
—
$
—
$
—
$
—
$
—
2
—
—
—
—
—
—
—
3
—
—
—
822,403
—
276,063
1,098,466
4
—
—
—
—
—
528,603
528,603
5
—
—
—
—
—
—
—
Total unique loans
$
—
$
—
$
—
$
822,403
$
—
$
804,666
$
1,627,069
Impaired loans
1
$
—
$
—
$
—
$
—
$
—
$
—
$
—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
—
167,604
401,192
952,970
1,521,766
Total impaired loans
$
—
$
—
$
—
$
167,604
$
401,192
$
952,970
$
1,521,766
Total loans receivable
1
$
—
$
—
$
—
$
151,381
$
296,767
$
114,183
$
562,331
2
92,018
60,754
—
664,568
2,247,575
259,438
3,324,353
3
1,405,796
270,141
—
2,987,324
3,608,789
2,456,728
10,728,778
4
—
—
—
363,173
842,455
1,706,856
2,912,484
5
—
—
—
167,604
401,192
952,970
1,521,766
Total loans receivable
$
1,497,814
$
330,895
$
—
$
4,334,050
$
7,396,778
$
5,490,175
$
19,049,712
CECL reserve
(
741,541
)
Loans receivable, net
$
18,308,171
Gross charge-offs
(2)
—
—
—
—
—
(
41,824
)
$
(
41,824
)
(1)
Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)
Represents charge-offs by year of origination during the
three months ended
March 31, 2025
.
25
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Net Book Value of Loans Receivable by Year of Origination
(1)
As of December 31, 2024
Risk Rating
2024
2023
2022
2021
2020
Prior
Total
U.S. loans
1
$
—
$
—
$
151,674
$
245,289
$
60,240
$
1,381,858
$
1,839,061
2
60,651
—
197,153
1,611,856
—
—
1,869,660
3
268,408
—
1,599,604
2,160,837
691,097
392,470
5,112,416
4
—
—
236,780
1,019,672
—
726,513
1,982,965
5
—
—
—
—
—
—
—
Total U.S. loans
$
329,059
$
—
$
2,185,211
$
5,037,654
$
751,337
$
2,500,841
$
10,804,102
Non-U.S. loans
1
$
—
$
—
$
—
$
80,219
$
—
$
—
$
80,219
2
—
—
500,104
787,660
87,629
101,828
1,477,221
3
—
—
594,740
1,126,698
—
1,332,805
3,054,243
4
—
—
—
—
—
198,389
198,389
5
—
—
—
—
—
—
—
Total Non-U.S. loans
$
—
$
—
$
1,094,844
$
1,994,577
$
87,629
$
1,633,022
$
4,810,072
Unique loans
1
$
—
$
—
$
—
$
—
$
—
$
—
$
—
2
—
—
—
—
—
—
—
3
—
—
814,225
—
—
265,808
1,080,033
4
—
—
—
—
—
525,750
525,750
5
—
—
—
—
—
—
—
Total unique loans
$
—
$
—
$
814,225
$
—
$
—
$
791,558
$
1,605,783
Impaired loans
1
$
—
$
—
$
—
$
—
$
—
$
—
$
—
2
—
—
—
—
—
—
—
3
—
—
—
—
—
—
—
4
—
—
—
—
—
—
—
5
—
—
170,388
367,030
34,214
1,255,929
1,827,561
Total impaired loans
$
—
$
—
$
170,388
$
367,030
$
34,214
$
1,255,929
$
1,827,561
Total loans receivable
1
$
—
$
—
$
151,674
$
325,508
$
60,240
$
1,381,858
$
1,919,280
2
60,651
—
697,257
2,399,516
87,629
101,828
3,346,881
3
268,408
$
—
3,008,569
3,287,535
691,097
1,991,083
9,246,692
4
—
—
236,780
1,019,672
—
1,450,652
2,707,104
5
—
—
170,388
367,030
34,214
1,255,929
1,827,561
Total loans receivable
$
329,059
$
—
$
4,264,668
$
7,399,261
$
873,180
$
6,181,350
$
19,047,518
CECL reserve
(
733,936
)
Loans receivable, net
$
18,313,582
Gross charge-offs
(2)
—
—
(
52,045
)
(
255,005
)
—
(
77,553
)
$
(
384,603
)
(1)
Date loan was originated or acquired by us. Origination dates are subsequently updated to reflect material loan
modifications.
(2)
Represents charge-offs by year of origination during the
year ended
December 31, 2024.
26
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Loan Modifications Pursuant to ASC 326
During the
twelve months ended
March 31, 2025
, we entered into
six
loan modifications that require disclosure pursuant to
ASC 326.
Five
of these loans were collateralized by office assets and
one
was collateralized by a mixed-use asset.
Loans with a risk rating of "3" and "4" are included in the determination of our general CECL reserve and loans with a risk
rating of "5" have an asset-specific CECL reserve. Loan modifications that allow the option to pay interest in-kind increase
our potential economics and the size of our secured claim, as interest is capitalized and added to the outstanding principal
balance for applicable loans. As of
March 31, 2025
,
no
income was recorded on our loans subsequent to determining that
they were impaired and risk rated "
5
."
One
of the loan modifications included a term extension of
14
months. As of
March 31, 2025
, the amortized cost basis of
this loan was
$
108.7
million
, or
0.6
%
of our aggregate loans receivable portfolio, with an aggregate
$
23.9
million
of
unfunded commitments. This loan was in compliance with its modified contractual terms as of
March 31, 2025
.
The other
five
loan modifications
included term extensions combined with other-than-insignificant payment delays and/or
interest rate reductions. The first loan modification included a term extension of
two years
, a
$
34.5
million
increase in our
total loan commitment, and was converted to a fixed coupon rate of
15.00
%
with interest paid in-kind, inclusive of a senior
portion of our loan that accrues interest at a floating rate of SOFR +
2.50
%
. We are accruing interest on the senior portion
of the loan, and deferring interest income recognition on the remaining portion. The second loan modification included a
term extension of
five years
, the borrower repaid
$
6.0
million
of principal, and the loan was bifurcated into a separate
senior loan and mezzanine loan. We are accruing interest on the senior loan, which is paying interest current, and deferring
interest on the mezzanine loan that is paying interest in-kind. The third loan modification had a term extension of
4.8
years
,
the interest rate decreased by
0.10
%
, and the loan was bifurcated into a separate senior loan and mezzanine loan. The
senior loan is paying interest partially current, and partially in-kind, while the mezzanine loan is paying interest in-kind.
We are accruing interest on the portion of the senior loan that is paying current and a portion that is paid in-kind, and
deferring interest income recognition on the remaining portion, including the entire mezzanine loan. The fourth loan
modification had a term extension of
3.8
years
, the loan was bifurcated into a separate senior loan and mezzanine loan, and
the borrower paid a
$
1.7
million
fee upon closing of the modification
.
We are accruing interest on the senior loan, which is
paying interest current, and deferring interest on the mezzanine loan that is paying interest in-kind. The fifth loan
modification had a term extension of
one year
, the interest rate on the senior loan decreased by
2.43
%
, the borrower repaid
$
25.0
million
upon closing of the modification, and the loan was bifurcated into a separate senior loan and mezzanine loan.
The senior loan is paying interest partially current, and partially in-kind, while the mezzanine loan is paying interest in-
kind. We are accruing all of the interest on the senior loan that is paying partially current and partially in-kind, and
deferring interest on the mezzanine loan that is paying interest in-kind. As of
March 31, 2025
, the aggregate amortized cost
basis of these loans was
$
837.3
million
, or
4.4
%
of our aggregate loans receivable portfolio, with an aggregate
$
53.8
million
of unfunded commitments. The loans were in compliance with their contractual terms as of
March 31, 2025
.
As of
March 31, 2025
,
five
of these modified loans had a risk rating of "
5
," and
one
loan had a risk rating of "
4
." In
aggregate, these modifications resulted in the bifurcation of four loans into separate senior and mezzanine loans. Of the
four
newly bifurcated senior loans,
three
loans had a risk rating of "4," and
one
loan had a risk rating of "3." The four
newly bifurcated mezzanine loans all had a risk rating of "5."
Multifamily Joint Venture
As discussed in
Note 2
, we entered into a Multifamily Joint Venture in April 2017. As of both
March 31, 2025
and
December 31, 2024
, our Multifamily Joint Venture held
a
$
43.3
million
loan, which is included in the loan disclosures
above.
As of
March 31, 2025
and
December 31, 2024
, our Multifamily Joint Venture also held a
$
32.3
million
and
$
32.4
million
REO asset
, respectively, which is included in the REO disclosures in
Note 4
. Refer to
Note 2
for additional
discussion of our Multifamily Joint Venture.
4.
REAL ESTATE OWNED, NET
As of
March 31, 2025
and
December 31, 2024
, we had
eight
and
seven
REO assets, respectively. During the
three months
ended
March 31, 2025
, we acquired
one
REO asset through a deed-in-lieu of foreclosure transaction, with an acquisition
price of
$
45.0
million
. We allocated
$
19.7
million
to building and building improvements,
$
15.0
million
to land and land
improvements,
$
14.5
million
to acquired intangible assets, and
$(
4.2
) million
to other components of the purchase price.
We charged off
$
41.8
million
of CECL reserves relating to this loan, as the loan's carrying value of
$
86.9
million
at the
time of acquisition exceeded the acquisition date fair value noted above. See
Note 2
for additional discussion of REO.
27
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The acquisition of
one
REO asset during the
three months ended
March 31, 2025
was accounted for as an asset acquisition
under ASC Topic 805 "Business Combinations," and we recognized this property as an REO asset held for investment.
The
following table presents the REO assets that were acquired during the
three months ended
March 31, 2025
($ in
thousands):
Acquisition Date
Location
Property Type
Acquisition Date Fair Value
February 2025
Chicago, IL
Office
$
45,045
The following table presents the REO assets and liabilities included in our consolidated balance sheets ($ in thousands):
March 31, 2025
December 31, 2024
Assets
Building and building improvements
$
429,249
$
410,546
Land and land improvements
200,916
181,083
Total
$
630,165
$
591,629
Less: accumulated depreciation
(
10,369
)
(
3,444
)
Real estate owned, net
$
619,796
$
588,185
Intangible real estate assets
$
95,569
$
83,253
Less: accumulated amortization
(
14,188
)
(
5,964
)
Intangible real estate assets, net
(1)
$
81,381
$
77,289
Liabilities
Intangible real estate liabilities
$
1,479
$
1,422
Less: accumulated amortization
(
104
)
(
1
)
Intangible real estate liabilities, net
(2)
$
1,375
$
1,421
(1)
Included within other assets on our consolidated balance sheets. Refer to
Note 6
for additional information.
(2)
Included within other liabilities on our consolidated balance sheets. Refer to
Note 6
for additional information.
Revenue from real estate owned consisted of the following ($ in thousands):
Three Months Ended March 31,
2025
Rental income
$
14,334
Other operating income
22,699
Revenue from real estate owned
$
37,033
We recognized expenses from real estate owned of
$
46.3
million
during the
three months ended
March 31, 2025
. These
expenses consisted of
$
30.1
million
of operating expense and
$
16.2
million
of depreciation and amortization expense.
These expenses are included in expenses from real estate owned in our consolidated statements of operations.
There was
no
income or expense recognized related to REO assets during the
three months ended
March 31, 2024
.
28
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table presents the undiscounted future minimum rents we expect to receive for our office properties as of
March 31, 2025
. Leases at our multifamily assets are short term, generally 12 months or less, and are therefore not included
($ in thousands)
:
Future Minimum Rents
2025 (remaining)
$
40,779
2026
41,431
2027
29,852
2028
23,233
2029
19,634
Thereafter
37,262
Total
$
192,191
The following table presents the amortization of lease intangibles for each of the succeeding fiscal years ($ in thousands):
In-place lease intangibles
Above-market lease
intangibles
Below-market lease
intangibles
2025 (remaining)
$
23,316
$
4,097
$
(
285
)
2026
17,205
3,453
(
282
)
2027
8,977
2,445
(
254
)
2028
5,791
1,933
(
174
)
2029
4,384
1,306
(
138
)
Thereafter
6,219
2,255
(
242
)
Total
$
65,892
$
15,489
$
(
1,375
)
5.
INVESTMENTS IN UNCONSOLIDATED ENTITIES
We hold a
75
%
ownership interest in the
Net Lease Joint Venture
, which is accounted for under the equity method of
accounting, as our ownership interest in the joint venture does not meet the requirements for consolidation.
As of
March 31, 2025
, the
Net Lease Joint Venture
held
six
investments
. Refer to
Note 2
for additional discussion of our
Net
Lease Joint Venture
.
During the
three months ended
March 31, 2025
we contributed
$
25.6
million
to the joint venture, did
not
receive any
distributions, and recorded an
$
874,000
loss from unconsolidated entities in our consolidated statements of operations. As
of
March 31, 2025
and
December 31, 2024
, our investment in unconsolidated entities totaled
$
29.0
million
and
$
4.5
million
, respectively.
There was
no
income or loss from unconsolidated entities for the
three months ended
March 31,
2024
.
In the first quarter of 2025, the
Net Lease Joint Venture
entered into a derivative agreement where we would be required to
make payment for periodic or final settlement of derivative contracts if the
Net Lease Joint Venture
is unable to fulfill its
obligations.
29
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
6
.
OTHER ASSETS AND LIABILITIES
Other Assets
The following table details the components of our other assets ($ in thousands):
March 31, 2025
December 31, 2024
Accrued interest receivable
$
146,587
$
160,131
Real estate intangible assets, net
81,381
77,289
Collateral deposited under derivative agreements
69,640
4,810
Other real estate assets
15,072
9,338
Accounts receivable and other assets
(1)
11,326
134,030
Derivative assets
4,987
72,454
Loan portfolio payments held by servicer
(2)
1,886
113,199
Prepaid expenses
1,046
1,002
Total
$
331,925
$
572,253
(1)
December 31, 2024
balance includes
$
95.5
million
of cash collateral held by our CLOs that was subsequently
remitted by the trustee to repay a portion of the outstanding senior CLO securities.
(2)
Primarily represents loan principal held by our third-party loan servicer as of the balance sheet date that were
remitted to us during the subsequent remittance cycle.
Other Liabilities
The following table details the components of our other liabilities ($ in thousands):
March 31, 2025
December 31, 2024
Other real estate liabilities
$
85,363
$
72,018
Accrued dividends payable
80,644
81,214
Derivative liabilities
68,158
5,238
Accrued interest payable
65,294
77,855
Accrued management and incentive fees payable
17,235
18,534
Accounts payable and other liabilities
12,787
13,834
Current expected credit loss reserves for unfunded loan commitments
(1)
10,487
10,412
Secured debt repayments pending servicer remittance
(2)
1,309
3,742
Total
$
341,277
$
282,847
(1)
Represents the CECL reserve related to our unfunded loan commitments. See
Note 2
for further discussion of the
CECL reserves.
(2)
Represents pending transfers from our third-party loan servicer that were remitted to our banking counterparties
during the subsequent remittance cycle.
Current Expected Credit Loss Reserves for Unfunded Loan Commitments
As of
March 31, 2025
, we had aggregate unfunded commitments of
$
1.0
billion
related to
57
loans receivable. The
expected credit losses over the contractual period of our loans are impacted by our obligation to extend further credit
through our unfunded loan commitments. See
Note 2
for further discussion of the CECL reserves related to our unfunded
loan commitments, and
Note 22
for further discussion of our unfunded loan commitments.
During the
three months ended
March 31, 2025
, we recorded
an increase
in the CECL reserves related to our unfunded loan commitments of
$
75,000
,
bringing our total unfunded loan commitments CECL reserve to
$
10.5
million
as of
March 31, 2025
. During the
three
months ended
March 31, 2024
, we recorded
a decrease
in the CECL reserves related to our unfunded loan commitments of
$
2.7
million
, bringing our total unfunded loan commitments CECL reserve to
$
12.6
million
as of
March 31, 2024
.
30
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
7.
SECURED DEBT, NET
Our secured debt represents borrowings under our secured credit facilities. During the
three months ended
March 31, 2025
,
we closed
$
732.4
million
of new borrowings against
$
908.0
million
of collateral assets.
The following table details our secured debt ($ in thousands):
Secured Debt
Borrowings Outstanding
March 31, 2025
December 31, 2024
Secured credit facilities
$
10,011,541
$
9,705,529
Deferred financing costs
(1)
(
11,514
)
(
9,195
)
Net book value of secured debt
$
10,000,027
$
9,696,334
(1)
Costs incurred in connection with our secured debt are recorded on our consolidated balance sheets when incurred
and recognized as a component of interest expense over the life of each related facility.
Secured Credit Facilities
Our secured credit facilities are bilateral agreements we use to finance diversified pools of senior loan collateral with
sufficient flexibility to accommodate our investment and asset management strategy. The facilities are uniformly structured
to provide currency, index, and term-matched financing without capital markets based mark-to-market provisions. Our
credit facilities are diversified across
14
counterparties, primarily consisting of top global financial institutions to minimize
our counterparty risk exposure.
The following table details our secured credit facilities as of
March 31, 2025
($ in thousands):
March 31, 2025
Recourse
Limitation
Currency
Lenders
(1)
Borrowings
Wtd. Avg.
Maturity
(2)
Loan
Count
Collateral
(3)
Wtd. Avg.
Maturity
(4)
Wtd.
Avg.
Range
USD
13
$
4,492,461
December 2026
87
$
7,501,830
January 2027
39
%
25
%
-
100
%
GBP
6
2,301,773
June 2027
16
3,049,147
June 2027
25
%
25
%
EUR
7
1,757,902
December 2026
10
2,404,172
December 2026
38
%
25
%
-
100
%
Others
(5)
4
1,459,405
June 2028
7
1,824,255
June 2028
25
%
25
%
Total
14
$
10,011,541
April 2027
120
$
14,779,404
April 2027
34
%
25
%
-
100
%
(1)
Represents the number of lenders with fundings advanced in each respective currency, as well as the total number of
facility lenders.
(2)
Our secured debt agreements are generally term-matched to their underlying collateral. Therefore, the weighted-
average maturity is generally allocated based on the maximum maturity date of the collateral loans, assuming all
extension options are exercised by the borrower. In limited instances, the maturity date of the respective secured
credit facility is used.
(3)
Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(4)
Maximum maturity assumes all extension options are exercised by the borrower, however our loans may be repaid
prior to such date.
(5)
Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies.
The availability of funding under our secured credit facilities is based on the amount of approved collateral, which
collateral is proposed by us in our discretion and approved by the respective counterparty in its discretion, resulting in a
mutually agreed collateral portfolio construction. Certain structural elements of our secured credit facilities, including the
limitation on recourse to us and facility economics, are influenced by the specific collateral portfolio construction of each
facility, and therefore vary within and among the facilities.
31
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following tables detail the spread of our secured credit facilities as of
March 31, 2025
and
December 31, 2024
($ in
thousands):
Three Months Ended
March 31, 2025
March 31, 2025
Spread
(1)
New Financings
(2)
Total
Borrowings
Wtd. Avg.
All-in
Cost
(1)(3)(4)
Collateral
(5)
Wtd. Avg.
All-in
Yield
(1)(3)
Net Interest
Margin
(6)
+ 1.50% or less
$
332,431
$
4,070,890
+
1.52
%
$
6,215,254
+
3.19
%
+
1.67
%
+ 1.51% to + 1.75%
315,623
2,598,070
+
1.77
%
3,391,195
+
3.43
%
+
1.66
%
+ 1.76% to + 2.00%
—
952,714
+
2.09
%
1,751,216
+
3.70
%
+
1.61
%
+ 2.01% or more
84,305
2,389,867
+
2.61
%
3,421,739
+
4.27
%
+
1.66
%
Total
$
732,359
$
10,011,541
+
1.90
%
$
14,779,404
+
3.55
%
+
1.65
%
Year Ended
December 31, 2024
December 31, 2024
Spread
(1)
New Financings
(2)
Total
Borrowings
Wtd. Avg.
All-in
Cost
(1)(3)(4)
Collateral
(5)
Wtd. Avg.
All-in
Yield
(1)(3)
Net Interest
Margin
(6)
+ 1.50% or less
$
165,616
$
3,976,192
+
1.53
%
$
6,185,925
+
3.18
%
+
1.65
%
+ 1.51% to + 1.75%
74,118
2,238,376
+
1.78
%
3,140,937
+
3.52
%
+
1.74
%
+ 1.76% to + 2.00%
—
969,541
+
2.09
%
1,802,431
+
3.67
%
+
1.58
%
+ 2.01% or more
374,407
2,521,420
+
2.61
%
3,678,528
+
4.31
%
+
1.70
%
Total
$
614,141
$
9,705,529
+
1.92
%
$
14,807,821
+
3.58
%
+
1.66
%
(1)
The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include
SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.
(2)
Represents the amount of new borrowings we closed
during the
three months ended
March 31, 2025
and
year ended
December 31, 2024
, respectively.
(3)
In addition to spread, the cost includes the associated deferred fees and expenses related to the respective
borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension
fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)
Represents the weighted-average all-in cost as of
March 31, 2025
and
December 31, 2024
, respectively, and is not
necessarily indicative of the spread applicable to recent or future borrowings.
(5)
Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(6)
Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
Our secured credit facilities generally permit us to increase or decrease the amount advanced against the pledged collateral
in our discretion within certain maximum/minimum amounts and frequency limitations. As of
March 31, 2025
, there was
an aggregate
$
915.7
million
available to be drawn at our discretion under our credit facilities.
Financial Covenants
As of
March 31, 2025
, we are subject to the following financial covenants related to our secured debt: (i) our ratio of
earnings before interest, taxes, depreciation, and amortization, or EBITDA, to fixed charges, as defined in the agreements,
shall be not less than
1.25
to 1.0; (ii) our tangible net worth, as defined in the agreements, shall not be less than
$
3.6
billion
as of each measurement date plus
75
%
to
85
%
of the net cash proceeds of future equity issuances subsequent to
March 31,
2025
; (iii) cash liquidity shall not be less than the greater of (x)
$
10.0
million or (y) no more than
5
%
of our recourse
indebtedness; and (iv) our indebtedness shall not exceed
83.33
%
of our total assets. As of
March 31, 2025
and
December 31, 2024
, we were in compliance with these covenants.
During the
three months ended
March 31, 2025
, the financial covenant under each applicable secured debt agreement
related to the ratio of our EBITDA to fixed charges, as noted above, was amended so that the ratio shall be not less than
1.25
to 1.0 with respect to each of the four fiscal quarters beginning with the
quarter ended September 30, 2024
, and shall
be not less than
1.3
to 1.0 thereafter.
32
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
8.
SECURITIZED DEBT OBLIGATIONS, NET
We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The CLOs are consolidated
in our financial statements and have issued securitized debt obligations that are non-recourse to us. Refer to
Note 20
for
further discussion of our CLOs.
The following tables detail our securitized debt obligations and the underlying collateral
assets that are financed by our CLOs ($ in thousands):
March 31, 2025
Securitized Debt Obligations
Count
Principal
Balance
Book
Value
(1)
Wtd. Avg.
Yield/Cost
(2)(3)
Term
(4)
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
$
831,250
$
821,167
+
2.08
%
October 2042
Underlying Collateral Assets
19
1,000,000
1,000,000
+
3.41
%
July 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
670,149
670,149
+
1.42
%
May 2038
Underlying Collateral Assets
22
849,996
849,996
+
2.90
%
October 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
469,730
469,730
+
2.44
%
November 2037
Underlying Collateral Assets
12
637,509
637,509
+
3.04
%
December 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
598,850
598,850
+
1.65
%
February 2038
Underlying Collateral Assets
12
831,395
831,395
+
3.27
%
October 2026
Total
Senior CLO Securities Outstanding
(5)
4
$
2,569,979
$
2,559,896
+
1.88
%
Underlying Collateral Assets
65
$
3,318,900
$
3,318,900
+
3.31
%
(1)
The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)
In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, purchase discounts, and accrual of exit fees.
(3)
The weighted-average all-in yield and cost are expressed as a spread over SOFR
.
All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)
Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all
extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt
obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents
the rated final distribution date of the securitizations.
(5)
During the
three months ended
March 31, 2025
, we recorded
$
27.6
million
of interest expense related to our
securitized debt obligations.
33
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
December 31, 2024
Securitized Debt Obligations
Count
Principal
Balance
Book Value
(1)
Wtd. Avg.
Yield/Cost
(2)(3)
Term
(4)
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
$
785,453
$
785,442
+
1.39
%
May 2038
Underlying Collateral Assets
22
952,764
952,764
+
2.95
%
August 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
552,664
552,664
+
1.92
%
November 2037
Underlying Collateral Assets
12
743,914
743,914
+
2.92
%
June 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
598,850
598,850
+
1.50
%
February 2038
Underlying Collateral Assets
12
855,725
855,725
+
2.79
%
August 2026
Total
Senior CLO Securities Outstanding
(5)
3
$
1,936,967
$
1,936,956
+
1.57
%
Underlying Collateral Assets
46
$
2,552,403
$
2,552,403
+
2.98
%
(1)
The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)
In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, purchase discounts, and accrual of exit fees.
(3)
The weighted-average all-in yield and cost are expressed as a spread over SOFR
. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any.
(4)
Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all
extension options are exercised by the borrower. Repayments of securitized debt obligations are tied to timing of the
related collateral loan asset repayments. The term of these obligations represents the rated final distribution date of
the securitizations.
(5)
During the
year ended
December 31, 2024
, we recorded
$
157.0
million
of interest expense related to our securitized
debt obligations.
9.
ASSET-SPECIFIC DEBT, NET
The following table details our asset-specific debt ($ in thousands):
March 31, 2025
Asset-Specific Debt
Count
Principal
Balance
Book Value
(1)
Wtd. Avg.
Yield/Cost
(2)
Wtd. Avg.
Term
(3)
Financing provided
2
$
494,081
$
492,235
+
3.36
%
September 2029
Collateral assets
2
$
611,628
$
606,073
+
4.58
%
September 2029
December 31, 2024
Asset-Specific Debt
Count
Principal
Balance
Book Value
(1)
Wtd. Avg.
Yield/Cost
(2)
Wtd. Avg.
Term
(3)
Financing provided
2
$
1,228,110
$
1,224,841
+
3.20
%
June 2026
Collateral assets
2
$
1,467,185
$
1,459,864
+
4.03
%
June 2026
(1)
The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)
The weighted-average all-in yield and cost are expressed as a spread over the relevant floating benchmark rates,
which include SOFR and CORRA, as applicable.
These floating rate loans and related liabilities are currency and
index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost
includes the amortization of deferred origination fees and financing costs.
(3)
The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all
extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case
to the corresponding collateral loans.
34
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
10.
LOAN PARTICIPATIONS SOLD, NET
The sale of a non-recourse interest in a loan through a participation agreement generally does not qualify for sale
accounting under GAAP. For such transactions, we therefore present the whole loan as an asset and the loan participation
sold as a liability on our consolidated balance sheet until the loan is repaid. We generally have no obligation to pay
principal and interest under these liabilities, and the gross presentation of loan participations sold does not impact our
stockholders' equity or net income.
The following table details our loan participations sold ($ in thousands):
March 31, 2025
Loan Participations Sold
Count
Principal
Balance
Book Value
(1)
Wtd. Avg.
Yield/Cost
(2)
Term
(3)
Junior Participations
Loan Participation
(4)
2
$
101,672
$
101,672
+
9.72
%
February 2026
Total Loan
2
456,960
456,891
+
6.07
%
February 2026
December 31, 2024
Loan Participations Sold
Count
Principal
Balance
Book Value
(1)
Wtd. Avg.
Yield/Cost
(2)
Term
(3)
Junior Participations
Loan Participation
(4)
2
$
100,064
$
100,064
+
9.75
%
February 2026
Total Loan
2
442,142
442,008
+
6.14
%
February 2026
(1)
The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)
The weighted-average all-in yield and cost are expressed over the relevant floating benchmark rates, which include
SOFR and SONIA, as applicable. This non-debt participation sold structure is inherently matched in terms of
currency and interest rate. In addition to cash coupon, yield/cost includes the amortization of deferred fees and
financing costs.
(3)
The term is determined based on the maximum maturity of the loan, assuming all extension options are exercised by
the borrower. Our loan participations sold are inherently non-recourse and term-matched to the corresponding loan.
(4)
During the
three months ended
March 31, 2025
, we recorded
$
3.0
million
of interest expense related to our loan
participations sold. During the
year ended
December 31, 2024
, we recorded
$
22.6
million
of interest expense related
to our loan participations sold.
11.
TERM LOANS, NET
As of
March 31, 2025
, the following senior term loan facilities, or Term Loans, were outstanding ($ in thousands):
Term Loans
Face Value
Interest Rate
(1)
All-in Cost
(1)(2)
Maturity
B-1 Term Loan
$
309,268
+
2.36
%
+
2.53
%
April 23, 2026
B-4 Term Loan
803,105
+
3.50
%
+
4.11
%
May 9, 2029
B-5 Term Loan
648,375
+
3.75
%
+
4.27
%
December 10, 2028
Total face value
$
1,760,748
(1)
The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of
0.50
%
.
The Term Loans are
indexed to one-month SOFR
.
(2)
Includes issue discount and transaction expenses that are amortized through interest expense over the life of the
Term Loans.
The Term Loans are partially amortizing, with an amount equal to
1.0
%
per annum of the aggregate initial principal
balance due in quarterly installments
. The issue discount and transaction expenses on the B-1 Term Loan were
$
3.1
million
and
$
12.6
million
, respectively. The issue discount and transaction expenses of the B-4 Term Loan were
$
17.3
million
and
$
10.3
million
, respectively. The issue discount and transaction expenses of the B-5 Term loan were
$
3.3
million
and
$
5.9
million
, respectively. These discounts and expenses are amortized into interest expense over the life of each Term
35
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Loan. During the
three months ended
March 31, 2025
, we recorded
$
36.2
million
of interest expense related to our Term
Loans, including
$
2.2
million
of amortization of deferred fees and expenses.
The following table details the net book value of our Term Loans on our consolidated balance sheets ($ in thousands):
March 31, 2025
December 31, 2024
Face value
$
1,760,748
$
1,764,437
Deferred financing costs and unamortized discount
(
30,183
)
(
32,364
)
Net book value
$
1,730,565
$
1,732,073
The Term Loans contain the financial covenant that our indebtedness shall not exceed
83.33
%
of our total assets. As of
March 31, 2025
and
December 31, 2024
, we were in compliance with this covenant. Refer to
Note 2
for additional
discussion of our accounting policies for the Term Loans.
12.
SENIOR SECURED NOTES, NET
As of
March 31, 2025
, the following senior secured notes, or Senior Secured Notes, were outstanding ($ in thousands):
Senior Secured Notes Issuance
Face Value
Interest Rate
All-in Cost
(1)
Maturity
October 2021
$
335,316
3.75
%
4.06
%
January 15, 2027
December 2024
450,000
7.75
%
(2)
8.14
%
December 1, 2029
(1)
Includes transaction expenses that are amortized through interest expense over the life of the Senior Secured Notes.
(2)
Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
our fixed rate exposure to a SOFR + 3.95% floating rate exposure.
The transaction expenses on the
senior secured notes due 2027
, or the
October 2021 senior secured notes
, were
$
6.3
million
, which are amortized into interest expense over the life of the
October 2021 senior secured notes
. The
transaction expenses on the
senior secured notes due 2029
, or the
December 2024 senior secured notes
, were
$
7.9
million
,
which are amortized into interest expense over the life of the
December 2024 senior secured notes
. During the
three months
ended
March 31, 2025
, we recorded
$
12.6
million
of interest expense related to our Senior Secured Notes, including
$
697,000
of amortization of deferred fees and expenses.
There was
no
repurchase activity or gain on debt extinguishment during the
three months ended
March 31, 2025
.
During
the
three months ended
March 31, 2024
, we repurchased an aggregate principal amount of
$
26.2
million
of the
October
2021 senior secured notes
at a weighted-average price of
88
%
.
This resulted in a gain on extinguishment of debt of
$
3.0
million
during the
three months ended
March 31, 2024
.
The following table details the net book value of our Senior Secured Notes on our consolidated balance sheets ($ in
thousands):
March 31, 2025
December 31, 2024
Face value
$
785,316
$
785,316
Deferred financing costs
(
9,237
)
(
9,857
)
Hedging adjustments
(1)
3,108
(
4,424
)
Net book value
$
779,187
$
771,035
(1)
Represents the fair value of an interest rate swap that we entered into to convert the fixed rate exposure of the
December 2024 senior secured notes
into floating rate. Refer to
Note 14
for additional discussion.
The Senior Secured Notes contain the financial covenant that our indebtedness shall not exceed
83.33
%
of our total assets.
As of
March 31, 2025
and
2024
, we were in compliance with this covenant. Under certain circumstances, we may, at our
option, release all of the collateral securing our Senior Secured Notes, in which case we would also be required to maintain
a total unencumbered assets to total unsecured indebtedness ratio of
1.20
or greater.
This covenant is not currently in effect
as the collateral securing our Senior Secured Notes has not been released.
36
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
13.
CONVERTIBLE NOTES, NET
As of
March 31, 2025
, the following convertible senior notes, or Convertible Notes, were outstanding ($ in thousands):
Convertible Notes Issuance
Face Value
Interest Rate
All-in Cost
(1)
Conversion Price
(2)
Maturity
March 2022 convertible notes
$
266,157
5.50
%
5.79
%
$
36.27
March 15, 2027
(1)
Includes issuance costs that are amortized through interest expense over the life of the Convertible Notes using the
effective interest method.
(2)
Represents the price of class A common stock per share based on a conversion rate of
27.5702
for the Convertible
Notes. The conversion rate represents the number of shares of class A common stock issuable per
$1,000
principal
amount of Convertible Notes. The cumulative dividend threshold has
not
been exceeded as of
March 31, 2025
.
Other than as provided by the optional redemption provisions with respect to our Convertible Notes, we may not redeem
the Convertible Notes prior to maturity. The Convertible Notes are convertible at the holders' option into shares of our
class A common stock, only under specific circumstances, prior to the close of business on December 14, 2026 at the
applicable conversion rate in effect on the conversion date. Thereafter, the Convertible Notes are convertible at the option
of the holder at any time until the second scheduled trading day immediately preceding the maturity date. The last reported
sale price of our class A common stock of
$
20.00
on
March 31, 2025
, the last trading day in the
three months ended
March 31, 2025
, was less than the per share conversion price of the Convertible Notes.
The following table details the net book value of our Convertible Notes on our consolidated balance sheets ($ in
thousands):
March 31, 2025
December 31, 2024
Face value
$
266,157
$
266,157
Deferred financing costs and unamortized discount
(
2,259
)
(
2,541
)
Net book value
$
263,898
$
263,616
The following table details our interest expense related
to the Convertible Notes ($ in thousands):
Three Months Ended March 31,
2025
2024
Cash coupon
$
3,660
$
4,125
Discount and issuance cost amortization
282
319
Total interest expense
$
3,942
$
4,444
Accrued interest payable for the Convertible Notes was
$
649,000
and
$
4.3
million
as of
March 31, 2025
and
December 31,
2024
,
respectively
. Refer to
Note 2
for additional discussion of our accounting policies for the Convertible Notes.
14.
DERIVATIVE FINANCIAL INSTRUMENTS
The objective of our use of derivative financial instruments is to minimize the risks and/or costs associated with our
investments and/or financing transactions. These derivatives may or may not qualify as net investment, cash flow, or fair
value hedges under the hedge accounting requirements of ASC 815 – "Derivatives and Hedging." Derivatives not
designated as hedges are not speculative and are used to manage our exposure to interest rate movements and other
identified risks. Refer to
Note 2
for additional discussion of the accounting for designated and non-designated hedges.
The use of derivative financial instruments involves certain risks, including the risk that the counterparties to these
contractual arrangements do not perform as agreed. To mitigate this risk, we only enter into derivative financial
instruments with counterparties that have appropriate credit ratings and are major financial institutions with which we and
our affiliates also have other financial relationships.
37
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Net Investment Hedges of Foreign Currency Risk
Certain of our international investments expose us to fluctuations in foreign interest rates and currency exchange rates.
These fluctuations may impact the value of our cash receipts and payments in terms of our functional currency, the U.S.
dollar. We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash
flows in terms of the U.S. dollar.
Designated Hedges of Foreign Currency Risk
The following table details our outstanding foreign exchange derivatives that were designated as net investment hedges of
foreign currency risk (notional amounts in thousands):
March 31, 2025
December 31, 2024
Foreign Currency Derivatives
Number of
Instruments
Notional
Amount
Foreign Currency Derivatives
Number of
Instruments
Notional
Amount
Buy USD / Sell SEK Forward
2
kr
970,177
Buy USD / Sell SEK Forward
2
kr
971,180
Buy USD / Sell GBP Forward
9
£
596,868
Buy USD / Sell GBP Forward
5
£
604,739
Buy USD / Sell EUR Forward
8
€
615,758
Buy USD / Sell EUR Forward
8
€
603,910
Buy USD / Sell AUD Forward
4
A$
364,687
Buy USD / Sell AUD Forward
6
A$
355,703
Buy USD / Sell CAD Forward
3
C$
119,585
Buy USD / Sell CHF Forward
1
CHF
6,752
Buy USD / Sell CHF Forward
1
CHF
6,752
Non-designated Hedges of Foreign Currency Risk
The following table details our outstanding foreign exchange derivatives that were non-designated hedges of foreign
currency risk (notional amounts in thousands):
March 31, 2025
December 31, 2024
Non-designated Hedges
Number of
Instruments
Notional
Amount
Non-designated Hedges
Number of
Instruments
Notional
Amount
Buy EUR / Sell USD Forward
2
€
14,300
Buy GBP / Sell USD Forward
3
£
54,400
Buy USD / Sell EUR Forward
2
€
14,300
Buy USD / Sell GBP Forward
3
£
54,400
Buy GBP / Sell USD Forward
2
£
6,600
Buy USD / Sell GBP Forward
2
£
6,600
Fair Value Hedges of Interest Rate Risk
Certain of our corporate financings expose us to fluctuations in the fair value of our outstanding fixed rate debt. We use
derivative financial instruments, which include interest rate swaps, to hedge interest rate risk associated with changes in the
fair value of our fixed rate debt. The changes in the value of the interest rate swap is recognized in earnings and offset the
corresponding changes in the fair value of the debt.
The following tables detail our outstanding interest rate derivatives that were designated as fair value hedges of interest rate
risk (notional amount in thousands):
March 31, 2025
Interest Rate Derivatives
Number of
Instruments
Notional Amount
Fixed Rate
Index
Maturity (Years)
Interest Rate Swaps
1
$
450,000
3.81
%
SOFR
4.7
38
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
December 31, 2024
Interest Rate Derivatives
Number of
Instruments
Notional Amount
Fixed Rate
Index
Maturity (Years)
Interest Rate Swaps
1
$
450,000
3.81
%
SOFR
4.9
The following tables detail the carrying amount and cumulative basis adjustments on hedged items designated as fair value
hedges ($ in thousands):
March 31, 2025
Line Item in the Consolidated Balance
Sheets in which the Hedged Item is
Included
Carrying Amount of the Hedged Assets/
Liabilities
Cumulative Amount of Fair Value Hedging
Adjustment Included in Carrying Amount
Senior secured notes, net
$
445,664
$
3,108
December 31, 2024
Line Item in the Consolidated Balance
Sheets in which the Hedged Item is
Included
Carrying Amount of the Hedged Assets/
Liabilities
Cumulative Amount of Fair Value Hedging
Adjustment Included in Carrying Amount
Senior secured notes, net
$
437,760
$
(
4,424
)
Financial Statement Impact of Hedges of Foreign Currency and Interest Rate Risks
The following table presents th
e effect of our derivative financial instruments on our consolidated statements of operations
($ in thousands):
Increase (Decrease) to Net Interest
Income Recognized from Derivatives
Three Months Ended March 31,
Derivatives in Hedging Relationships
Location of Income
(Expense) Recognized
2025
2024
Designated Hedges
Interest Income
(1)
$
2,951
$
4,412
Designated Hedges
Interest Expense
(2)
(
568
)
425
Non-Designated Hedges
Interest Income
(1)
—
(
6
)
Non-Designated Hedges
Interest Expense
(3)
3
7
Total
$
2,386
$
4,838
(1)
Represents the forward points earned on our foreign currency forward contracts, which reflect the interest rate
differentials between the applicable base rate for our foreign currency investments and prevailing US interest rates.
These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-
equivalent interest rates.
(2)
Represents the financial statement impact of proceeds (payments) from periodic settlements related to our interest
rate swap.
(3)
Represents the spot rate movement in our non-designated foreign currency hedges, which are marked-to-market and
recognized in interest expense.
39
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Fair Value Hedges
The following table presents the net gains
(losses)
on derivatives and the related hedged items in fair value hedging
relationships for the
three months ended
March 31, 2025
($ in thousands):
Three Months Ended
March 31, 2025
Total interest and related expenses presented in the consolidated statement of operations
$
242,233
Gains (losses) on fair value hedging relationships:
Total gain on derivative instruments
$
3,164
Fair value basis adjustment on hedged items
(
3,108
)
Derivative settlements and accruals
818
Net Gain on Fair Value Hedging Relationships
(1)
$
874
(1)
Included
within interest and related expenses presented in the consolidated statement of operations.
There were no fair value hedges outstanding during the
three months ended
March 31, 2024
.
Valuation and Other Comprehensive Income
The following table summarizes the fair value of our derivative financial instruments ($ in thousands):
Fair Value of Derivatives in an Asset
Position
(1)
as of
Fair Value of Derivatives in a Liability
Position
(2)
as of
March 31, 2025
December 31, 2024
March 31, 2025
December 31, 2024
Derivatives designated as hedging instruments:
Foreign exchange contracts
$
1,432
$
69,433
$
66,805
$
—
Interest rate derivatives
3,164
—
—
4,386
Total derivatives designated as hedging
instruments
$
4,596
$
69,433
$
66,805
$
4,386
Derivatives not designated as hedging instruments:
Foreign exchange contracts
$
391
$
3,021
$
1,353
$
852
Interest rate derivatives
—
—
—
—
Total derivatives not designated as hedging
instruments
$
391
$
3,021
$
1,353
$
852
Total Derivatives
$
4,987
$
72,454
$
68,158
$
5,238
(1)
Included in other assets in our consolidated balance sheets
(2)
Included in other liabilities in our consolidated balance sheets.
40
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table presents the effect of our derivative financial instruments on our consolidated statements of
comprehensive income and operations ($ in thousands):
Derivatives in Hedging Relationships
Amount of Gain (Loss)
Recognized in
OCI on Derivatives
Location of Gain (Loss) Reclassified
from Accumulated OCI into Income
Amount of
Gain (Loss) Reclassified
from
Accumulated OCI into
Income
Three Months Ended
March 31,
Three Months Ended
March 31,
2025
2024
2025
2024
Net Investment Hedges
Foreign exchange contracts
(1)
$
(
60,394
)
$
45,741
Interest Expense
$
—
$
—
Cash Flow Hedges
Interest rate derivatives
—
832
Interest Expense
(2)
—
425
Total
$
(
60,394
)
$
46,573
$
—
$
425
(1)
During the
three months ended
March 31, 2025
and
2024
, we
received
net cash settlements of
$
80.5
million
and
paid net cash settlements of
$
67.3
million
on our foreign currency forward contracts, respectively. Those amounts
are included as a component of accumulated other comprehensive income on our consolidated balance sheets.
(2)
D
uring the
three months ended
March 31, 2025
, we recorded total interest and related expenses of
$
242.2
million
which was reduced by
$
0
related to income generate
d by our cash flow hedges
. During the
three months ended
March 31, 2024
, we recorded total interest and related expenses of
$
343.7
million
which was reduced by
$
425,000
related to income generated by our cash flow hedges.
Credit-Risk Related Contingent Features
We have entered into agreements with certain of our derivative counterparties that contain provisions where if we were to
default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the
lender, we may also be declared in default on our derivative obligations. In addition, certain of our agreements with our
derivative counterparties require that we post collateral to secure net liability positions.
As of
March 31, 2025
, we were in a
net liability position with our counterparties related to our foreign exchange hedges, and had
$
69.6
million
of collateral
posted with
two
counterparties. As of
December 31, 2024
, we were in a net asset position with our counterparties related to
our foreign exchange hedges, and had
$
4.8
million
of collateral posted with one counterparty related to our interest rate
swap.
15.
EQUITY
Stock and Stock Equivalents
Authorized Capital
As of
March 31, 2025
we had the authority to issue up to
500,000,000
shares of stock, consisting of
400,000,000
shares of
class A common stock and
100,000,000
shares of preferred stock. Subject to applicable NYSE listing requirements, our
board of directors is authorized to cause us to issue additional shares of authorized stock without stockholder approval. In
addition, to the extent not issued, currently authorized stock may be reclassified between class A common stock and
preferred stock. We did
not
have any shares of preferred stock issued and outstanding as of
March 31, 2025
and
December 31, 2024
.
Share Repurchase Program
In July 2024, our board of directors authorized the repurchase of up to
$
150.0
million
of our class A common stock. Under
the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated
transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the
Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including
legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or
discontinued at any time and does not have a specified expiration date.
41
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
During the
three months ended
March 31, 2025
, we repurchased
1,792,836
shares of class A common stock at a weighted-
average price per share of
$
17.63
, for a total cost of
$
31.6
million
.
We did
no
t have any repurchases of class A common
stock during the
three months ended
March 31, 2024
. As of
March 31, 2025
, the amount remaining available for
repurchases under the program was
$
89.2
million
.
Class A Common Stock and Deferred Stock Units
Holders of shares of our class A common stock are entitled to vote on all matters submitted to a vote of stockholders and
are entitled to receive dividends authorized by our board of directors and declared by us, in all cases subject to the rights of
the holders of shares of outstanding preferred stock, if any.
We also issue restricted class A common stock under our stock-based incentive plans. Refer to
Note 18
for additional
discussion of these long-term incentive plans. In addition to our class A common stock, we also issue deferred stock units
to certain members of our board of directors for services rendered. These deferred stock units are non-voting, but carry the
right to receive dividends in the form of additional deferred stock units in an amount equivalent to the cash dividends paid
to holders of shares of class A common stock.
The following table details the movement in our outstanding shares of class A common stock, including restricted class A
common stock and deferred stock units:
Three Months Ended March 31,
Common Stock Outstanding
(1)
2025
2024
Beginning balance
173,204,190
173,569,397
Issuance of class A common stock
(2)
1,080
1,436
Repurchase of class A common stock
(
1,792,836
)
—
Issuance of restricted class A common stock, net
(3)
469,464
370,936
Issuance of deferred stock units
10,662
10,709
Ending balance
171,892,560
173,952,478
(1)
Includes
310,108
and
370,173
,  deferred stock units held by members of our board of directors as of
March 31, 2025
and
2024
, respectively.
(2)
Represents
shares issued under our dividend reinvestment program during the
three months ended
March 31, 2025
and
2024
, respectively.
(3)
Net of
12,408
and
92,167
shares
of restricted class A common stock forfeited under our stock-based incentive plans
during the
three months ended
March 31, 2025
and
2024
, respectively.
Dividend Reinvestment and Direct Stock Purchase Plan
We have adopted a dividend reinvestment and direct stock purchase plan under which we registered and reserved for
issuance, in the aggregate,
10,000,000
shares of class A common stock. Under the dividend reinvestment component of this
plan, our class A common stockholders can designate all or a portion of their cash dividends to be reinvested in additional
shares of class A common stock. The direct stock purchase component allows stockholders and new investors, subject to
our approval, to purchase shares of class A common stock directly from us. During the
three months ended
March 31, 2025
and
2024
, we issued
1,080
shares and
1,436
shares, respectively, of class A common stock under the dividend reinvestment
component of the plan. As of
March 31, 2025
, a total of
9,968,032
shares of class A common stock remained available for
issuance under the dividend reinvestment and direct stock purchase plan.
42
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
At the Market Stock Offering Program
As of
March 31, 2025
, we are party to
seven
equity distribution agreements, or ATM Agreements, pursuant to which we
may sell, from time to time, up to an aggregate sales price of
$
699.1
million
of our class A common stock. Sales of class A
common stock made pursuant to our ATM Agreements may be made in negotiated transactions or transactions that are
deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. Actual sales
depend on a variety of factors including market conditions, the trading price of our class A common stock, our capital
needs, and our determination of the appropriate sources of funding to meet such needs.
During the
three months ended
March 31, 2025
or
March 31, 2024
, we did
no
t issue any shares of our class A common stock under ATM Agreements.
As
of
March 31, 2025
, sales of our class A common stock with an aggregate sales price of
$
480.9
million
remained available
for issuance under our ATM Agreements.
Dividends
We generally intend to distribute substantially all of our taxable income, which does not necessarily equal net income as
calculated in accordance with GAAP, to our stockholders each year to comply with the REIT provisions of the Internal
Revenue Code of 1986, as amended, or the Internal Revenue Code. Our dividend policy remains subject to revision at the
discretion of our board of directors. All distributions will be made at the discretion of our board of directors and will
depend upon our taxable income, our financial condition, our maintenance of REIT status, applicable law, and other factors
as our board of directors deems relevant.
On
March 14,
2025
, we declared a dividend of $
0.47
per share, or
$
80.6
million
in aggregate, that was paid on
April 15,
2025
to stockholders of record as of
March 31, 2025
.
The following ta
ble details our dividend activity ($ in thousands, except per share data):
Three Months Ended March 31,
2025
2024
Dividends declared per share of common stock
$
0.47
$
0.62
Class A common stock dividends declared
$
80,644
$
107,678
Deferred stock unit dividends declared
193
223
Total dividends declared
$
80,837
$
107,901
Earnings Per Share
We calculate our basic and diluted earnings per share using the two-class method for all periods presented as the unvested
shares of our restricted class A common stock qualify as participating securities, as defined by GAAP. These restricted
shares have the same rights as our other shares of class A common stock, including participating in any dividends, and
therefore have been included in our basic and diluted net income per share calculation. The shares issuable under our
Convertible Notes are included in dilutive earnings per share using the if-converted method when the effect is not
antidilutive.
43
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The
following table sets forth the c
alculation of basic and diluted net income per share of class A common stock based on
the weighted-average of both restricted and unrestricted class A common stock outstanding ($ in thousands, except per
share data):
Three Months Ended March 31,
2025
2024
Basic Earnings
Net loss
(1)
$
(
357
)
$
(
123,838
)
Weighted-average shares outstanding, basic and diluted
(2)
172,004,888
174,041,630
Per share amount, basic and diluted
$
(
0.00
)
$
(
0.71
)
(1)
Represents
net loss
attributable to Blackstone Mortgage Trust, Inc.
(2)
For both the
three months ended
March 31, 2025
and
March 31, 2024
, our Convertible Notes were
no
t included in
the calculation of diluted earnings per share, as the impact is antidilutive
. Refer to
Note 13
for further discussion of
our convertible notes.
Other Balance Sheet Items
Accumulated Other Comprehensive Income
As of
March 31, 2025
, total accumulated other comprehensive income was
$
8.6
million
, primarily representing
$
211.6
million
of net realized and unrealized gains related to changes in the fair value of derivative instruments offset by
$
203.0
million
of cumulative unrealized currency translation adjustments on assets and liabilities denominated in foreign
currencies. As of
December 31, 2024
, total accumulated other comprehensive income was
$
8.3
million
, primarily
representing
$
272.1
million
of net realized and unrealized gains related to changes in the fair value of derivative
instruments offset by
$
263.9
million
of cumulative unrealized currency translation adjustments on assets and liabilities
denominated in foreign currencies.
Non-Controlling Interests
The non-controlling interests included on our consolidated balance sheets represent the equity interests in our Multifamily
Joint Venture that are not owned by us. A portion of our Multifamily Joint Venture's consolidated equity and results of
operations are allocated to these non-controlling interests based on their pro rata ownership of our Multifamily Joint
Venture. As of
March 31, 2025
, our Multifamily Joint Venture's total equity was
$
45.0
million
, of which
$
38.3
million
was
owned by us, and
$
6.8
million
was allocated to non-controlling interests. As of
December 31, 2024
, our Multifamily Joint
Venture's total equity was
$
45.9
million
, of which
$
39.0
million
was owned by us, and
$
6.9
million
was allocated to non-
controlling interests.
16.
OTHER EXPENSES
Our other expenses consist of the management and incentive fees we pay to our Manager and our general and
administrative expenses.
Management and Incentive Fees
Pursuant to a management agreement between
our Manager and us, or our Management Agreement, our Manager earns a
base management fee in an amount equal to
1.50
%
per annum multiplied by our Equity, as defined in the Management
Agreement. In addition, our Manager is entitled to an incentive fee in an amount equal to the product of (i)
20
%
and (ii) the
excess of (a) our Core Earnings (as defined in our Management Agreement) for the previous 12-month period over (b) an
amount equal to
7.00
%
per annum multiplied by our Equity, provided that our Core Earnings over the prior
three
-year
period is greater than
zero
. Core Earnings, as defined in our Management Agreement, is generally equal to our GAAP net
income (loss), including realized gains and losses not otherwise recognized in current period GAAP net income (loss), and
excluding (i) non-cash equity compensation expense, (ii) depreciation and amortization, (iii) unrealized gains (losses), (iv)
net income (loss) attributable to our legacy portfolio, (v) certain non-cash items, and (vi) incentive management fees.
During the
three months ended
March 31, 2025
and
2024
, we incurred
$
17.2
million
and
$
18.9
million
, respectively, of
management fees payable to our Manager.
During the
three months ended
March 31, 2025
and
2024
, we did
not
incur any
incentive fees payable to our Manager.
44
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
As of
March 31, 2025
and
December 31, 2024
, we had accrued management fees payable to our Manager of
$
17.2
million
and
$
18.5
million
, respectively.
General and Administrative Expenses
General and admin
istrative expenses consisted of the following ($ in thousands):
Three Months Ended March 31,
2025
2024
Professional services
$
3,911
$
4,140
Operating and other costs
1,788
1,476
Subtotal
(1)
5,699
5,616
Non-cash compensation expenses
Restricted class A common stock earned
6,792
7,911
Director stock-based compensation
173
201
Subtotal
6,965
8,112
Total general and administrative expenses
$
12,664
$
13,728
(1)
During the
three months ended
March 31, 2025
and
2024
, we recognized an aggregate
$
87,000
and
$
223,000
,
respectively, of expenses related to our Multifamily Joint Venture.
17.
INCOME TAXES
We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We
generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any
net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this
distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income
tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual
amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal
tax laws.
Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal
Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to
the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.
federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification
as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on
our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full
taxable years.
As of
March 31, 2025
and
December 31, 2024
, we were in compliance with all REIT requirements.
Securitization transactions could result in the creation of taxable mortgage pools for federal income tax purposes. As a
REIT, so long as we own 100% of the equity interests in a taxable mortgage pool, we generally would not be adversely
affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of stockholders,
however, such as foreign stockholders eligible for treaty or other benefits, stockholders with net operating losses, and
certain tax-exempt stockholders that are subject to unrelated business income tax, or UBTI, could be subject to increased
taxes on a portion of their dividend income from us that is attributable to the taxable mortgage pool. We have not made
UBTI distributions to our common stockholders and do not intend to make such UBTI distributions in the future.
During the
three months ended
March 31, 2025
and
2024
, we recorded a current income tax provision of
$
718,000
and
$
1.0
million
, respectively, primarily related to activities of our U.S. and foreign taxable
subsidiaries
and various state and
local taxes. We did
not
have any deferred tax assets or liabilities as of
March 31, 2025
or
December 31, 2024
.
We have net operating losses, or NOLs, generated by our predecessor business that may be carried forward and utilized in
current or future periods. As a result of our issuance of
25,875,000
shares of class A common stock in May 2013,
the
availability of our NOLs is generally limited to
$
2.0
million
per annum
by change of control provisions promulgated by the
Internal Revenue Service with respect to the ownership of Blackstone Mortgage Trust. As of
March 31, 2025
, we had
estimated NOLs of
$
159.0
million
that will expire in
2029
, unless they are utilized by us prior to expiration. Previously, we
recorded a full valuation allowance against such NOLs as we expected that they would expire unutilized. However,
45
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
although uncertain, we may utilize a portion of NOLs prior to expiration. We do not expect the utilization of NOLs to have
a material impact on our consolidated financial statements.
We have recorded a full valuation allowance against such NOLs
as it is probable that they will expire unutilized.
As of
March 31, 2025
, tax years
2021
through
2024
remain subject to examination by taxing authorities.
18.
STOCK-BASED INCENTIVE PLANS
We are externally managed by our Manager and do not currently have any employees. However, as of
March 31, 2025
, our
Manager, certain individuals employed by an affiliate of our Manager, and certain members of our board of directors were
compensated, in part, through our issuance of stock-based instruments.
Under our
two
current stock incentive plans, a maximum of
10,400,000
shares of our class A common stock may be issued
to our Manager, our directors and officers, and certain employees of affiliates of our Manager. As of
March 31, 2025
, there
were
5,999,544
shares available under our current stock incentive plans.
The following table details the movement in our outstanding shares of restricted class A common stock and the weighted-
average grant date fair value per share:
Restricted Class A
Common Stock
Weighted-Average
Grant Date Fair
Value Per Share
Balance as of
December 31, 2024
2,142,759
$
21.13
Granted
481,872
17.77
Vested
(
216,496
)
22.62
Forfeited
(
12,408
)
19.21
Balance as of
March 31, 2025
2,395,727
$
20.33
These shares generally vest in installments over a period of
three years
, pursuant to the terms of the respective award
agreements and the terms of our current benefit plans. The
2,395,727
shares of restricted class A common stock
outstanding as of
March 31, 2025
will vest as follows:
1,093,893
shares will vest in
2025
;
870,242
shares will vest in
2026
;
and
431,592
shares will vest in
2027
.
As of
March 31, 2025
, total unrecognized compensation cost relating to unvested
share-based compensation arrangements was
$
44.8
million
based on the grant date fair value of shares granted. This cost is
expected to be recognized over a weighted-average period of
1.1
years
from
March 31, 2025
.
19.
FAIR VALUES
Assets and Liabilities Measured at Fair Value
The following table summarizes our assets and liabilities measured at fair value on a recurring basis ($ in thousands):
March 31, 2025
December 31, 2024
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets
Derivatives
$
—
$
4,987
$
—
$
4,987
$
—
$
72,454
$
—
$
72,454
Liabilities
Derivatives
$
—
$
68,158
$
—
$
68,158
$
—
$
5,238
$
—
$
5,238
Refer to
Note 2
for further discussion regarding fair value measurement.
Fair Value of Financial Instruments
As discussed in
Note 2
, GAAP requires disclosure of fair value information about financial instruments, whether or not
recognized at fair value in the statement of financial position, for which it is practicable to estimate that value.
46
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table details the book value, face amount, and fair value of the financial instruments described in
Note 2
($
in thousands):
March 31, 2025
December 31, 2024
Book
Value
Face
Amount
Fair
Value
Book
Value
Face
Amount
Fair
Value
Financial assets
Cash and cash equivalents
$
668,563
$
668,563
$
668,563
$
323,483
$
323,483
$
323,483
Loans receivable, net
18,308,171
19,217,768
18,307,872
18,313,582
19,203,126
18,288,958
Financial liabilities
Secured debt, net
10,000,027
10,011,541
9,907,858
9,696,334
9,705,529
9,590,400
Securitized debt obligations, net
2,559,896
2,569,979
2,528,813
1,936,956
1,936,967
1,838,089
Asset-specific debt, net
492,235
494,081
484,126
1,224,841
1,228,110
1,218,639
Loan participations sold, net
101,672
101,672
101,672
100,064
100,064
99,822
Secured term loans, net
1,730,565
1,760,748
1,751,330
1,732,073
1,764,437
1,765,668
Senior secured notes, net
779,187
785,316
780,725
771,035
785,316
780,931
Convertible notes, net
263,898
266,157
260,166
263,616
266,157
257,707
Estimates of fair value for cash and cash equivalents and convertible notes are measured using observable, quoted market
prices, or Level 1 inputs. Estimates of fair value for securitized debt obligations, the Term Loans, and the Senior Secured
notes are measured using observable, quoted market prices, in inactive markets, or Level 2 inputs. All other fair value
significant estimates are measured using unobservable inputs, or Level 3 inputs. See
Note 2
for further discussion regarding
fair value measurement of certain of our assets and liabilities.
20.
VARIABLE INTEREST ENTITIES
We have financed a portion of our loans through the CLOs, all of which are VIEs. We are the primary beneficiary of, and
therefore consolidate, the CLOs on our balance sheet as we (i) control the relevant interests of the CLOs that give us power
to direct the activities that most significantly affect the CLOs, and (ii) have the right to receive benefits and obligation to
absorb losses of the CLOs through the subordinate interests we own.
During 2024
, we modified
two
loa
ns
that included, among other changes, an equit
y interest in and/or control over decision-
making at the property.
As a result of the modification, our investments in these loans are VIEs. As of
March 31, 2025
, we
are the primary beneficiary of, and therefore consolidated the assets of these VIEs on our balance sheet as we (i) have the
power to direct the activities that most significantly affect the property, and (ii) have the right to receive excess sale
proceeds upon exit.
47
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
The following table details the assets and liabilities of our consolidated VIEs ($ in thousands):
March 31, 2025
December 31, 2024
Assets
Cash and cash equivalents
$
13,804
$
9,145
Loans receivable
3,208,455
2,338,201
Current expected credit loss reserve
(
162,258
)
(
202,400
)
Loans receivable, net
3,046,197
2,135,801
Real estate owned, net
212,011
177,322
Other assets
79,409
126,518
Total assets
$
3,351,421
$
2,448,786
Liabilities
Securitized debt obligations, net
$
2,559,896
$
1,936,956
Other liabilities
15,598
13,277
Total liabilities
$
2,575,494
$
1,950,233
Assets held by these VIEs are restricted and can be used only to settle obligations of the VIEs, including the subordinate
interests owned by us. The liabilities of these VIEs are non-recourse to us and can only be satisfied from the assets of the
VIEs. The consolidation of these VIEs results in an increase in our gross assets, liabilities, revenues and expenses, however
it does not affect our stockholders' equity or net income. We are not obligated to provide, have not provided, and do not
intend to provide material financial support to these consolidated VIEs.
21.
TRANSACTIONS WITH RELATED PARTIES
Our Manager
We are managed by our Manager pursuant to the Management Agreement. The current term of the Management
Agreement expires on December 19,
2025
, and will be automatically renewed for a
one
-year
term upon such date and each
anniversary thereafter unless earlier terminated.
As of
March 31, 2025
and
December 31, 2024
, our consolidated balance sheet included
$
17.2
million
and
$
18.5
million
,
respectively, of accrued management fees payable to our Manager.
During the
three months ended
March 31, 2025
, we
paid our Manager management fees of
$
18.5
million
, compared to
$
26.3
million
of aggregate management and incentive
fees during the same period of
2024
. In addition, during the
three months ended
March 31, 2025
, we incurred expenses of
$
264,000
that were paid by our Manager and have been or will be reimbursed by us compared to
$
221,000
of such
expenses during the same period of
2024
.
As of
March 31, 2025
, our Manager held
1,211,048
shares of unvested restricted class A common stock, which had an
aggregate grant date fair value of
$
25.4
million
. These shares vest in installments over
three years
from the date of
issuance. During the
three months ended
March 31, 2025
and
2024
, we recorded non-cash expenses related to shares held
by our Manager of
$
3.6
million
and
$
4.3
million
, respectively. Refer to
Note 18
for further details on our restricted class A
common stock.
As of
March 31, 2025
, our Manager, its affiliates (including Blackstone), Blackstone employees, and our directors held an
aggregate
13,593,458
shares, or
7.9
%
, of our class A common stock, of which
8,234,581
shares, or
4.8
%
, were held by
Blackstone and its subsidiaries
. Additionally, our directors held
310,108
of deferred stock units as of
March 31, 2025
.
Certain of the parties listed above have in the past purchased or sold shares of our class A common stock in open market
transactions, and such parties may in the future purchase or sell additional shares of our class A common stock. Any such
transactions would be made in the sole discretion of the relevant party based on market conditions and other considerations
relevant to such parties.
48
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
Affiliate Services
We have engaged certain portfolio companies owned by Blackstone-advised investment vehicles, to provide management,
operational and corporate support services.
The
following table details the costs incurred (refunded) for these services ($ in
thousands):
Three Months Ended March 31,
Asset Class
2025
2024
Revantage Corporate Services, LLC and Revantage Global Services
Europe S.à r.l.
(1)
n/a
$
(
38
)
$
251
EQ Management, LLC
(2)
Office
575
—
LivCor, LLC
(2)
Multifamily
159
—
BRE Hotels & Resorts, LLC
(2)
Hospitality
489
—
$
1,185
$
251
(1)
As applicable, provides management, operational, and corporate support services
to certain of our investments
directly.
(2)
As applicable, provides management, operational, and corporate support services to certain of our REO assets
directly.
49
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
We have engaged affiliates of our Manager to provide various services noted below.
The following table details the costs
incurred for these services ($ in thousands):
Three Months Ended March 31,
2025
2024
BTIG, LLC
(1)
$
—
$
40
Gryphon Mutual Property Americas IC
(2)
547
—
Blackstone Internal audit services
111
24
Total
$
658
$
64
(1)
Affiliates of our Manager own an interest in the controlling entity of BTIG, LLC, or BTIG. BTIG has been engaged
as a broker for repurchases of our Senior Secured Notes and Convertible Notes. D
uring the
three months ended
March 31, 2025
, there was
no
repurchase activity. During the
three months ended
March 31, 2024
, we repurchased
$
26.2
million
of our
October 2021 senior secured notes
utilizing BTIG as a broker.
Additionally, we have engaged
BTIG as a sales agent to sell shares of our class A common stock under one of our ATM Agreements. During the
three months ended
March 31, 2025
and
2024
, we did not sell any shares under our ATM Agreements. Our
engagements of BTIG are on terms equivalent to those of third parties under similar arrangements.
(2)
In the first quarter of 2024, in order to provide insurance for our REO assets, we became a member of Gryphon
Mutual Property Americas IC, or Gryphon, a captive insurance company owned by us and other Blackstone-advised
investment vehicles. A Blackstone affiliate provides oversight and advisory services to Gryphon and receives fees
based on a percentage of premiums paid for such policies. The fees and expenses of Gryphon, including insurance
premiums and fees paid to its manager, are paid annually and borne by us and the other Blackstone-advised
investment vehicles that are members of Gryphon pro rata based on insurance premiums paid for each party's
respective properties. During the
three months ended
March 31, 2025
and
2024
, we paid
$
248,000
and
$
109,000
,
respectively, to Gryphon for insurance costs, inclusive of premiums, capital surplus contributions, taxes, and our pro
rata share of other expenses. Of these amounts,
$
29,000
and
$
2,000
, respectively, was attributable to the fee paid to
a Blackstone affiliate to provide oversight and management services to Gryphon. The amounts included in the table
above reflect the amortization of the insurance expense over the relevant period of the respective policies.
CT Investment Management Co., LLC, or CTIMCO, serves as the special servicer of all of our CLOs, and the Manager
serves as the collateral manager and benchmark agent for our FL5 CLO issued in the first quarter of 2025. As of
March 31,
2025
,
two
of our assets were in special servicing under the CLOs. CTIMCO and our Manager have waived any fees that
would be payable to a third party serving in such roles pursuant to the applicable agreements, and no such fees have been
paid or will become payable to CTIMCO or our Manager.
Other Transactions
In the first quarter of
2025
, we invested
$
439.1
million
in
one
senior loan and
$
60.0
million
in
one
mezzanine loan to
unaffiliated third parties in which Blackstone-advised investment vehicles also invested at the same level of the capital
structure on a pari passu basis.
In the first quarter of
2025
, as part of a broad syndication led by third-party banks, Blackstone-advised investment vehicles
acquired an aggregate
$
75.0
million
of notes in our
$
1.0
billion
FL5 CLO
offering. All of these transactions were on terms
equivalent to those of unaffiliated parties.
In the fourth quarter of 2024, we entered into our
Net Lease Joint Venture
with a Blackstone-advised investment vehicle to
invest in triple net lease properties. As of
March 31, 2025
, the aggregate value of our equity investment in the
Net Lease
Joint Venture
was
$
29.0
million
and our ownership interest was
75
%
. As part of these arrangements, we, our
Net Lease
Joint Venture
and the Blackstone-advised investment vehicle, together, have engaged and may in the future engage in
certain financing, derivative and/or hedging arrangements.
In the fourth quarter of 2024, pursuant to our
Agency Multifamily Lending Partnership
, we referred
three
loans to MTRCC
for origination, where the borrower was a Blackstone-advised investment vehicle. The loan terms and pricing were on
market terms negotiated by MTRCC. Pursuant to our
Agency Multifamily Lending Partnership
, we received
$
217,000
of
origination, servicing, and other fees
for referring these loans during the fourth quarter of 2024.
50
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
In the fourth quarter of 2024, as part of broad syndications led by third-party banks, Blackstone-advised investment
vehicles acquired (i) an aggregate
$
62.5
million
participation in our
$
650.0
million
B-5 Term Loan, and (ii) an aggregate
$
80.0
million
of our
$
450.0
million
December 2024 senior secured notes
. All of these transactions were on terms
equivalent to those of unaffiliated parties. Blackstone Securities Partners L.P., or BSP, an affiliate of our Manager, was
engaged as a member of the syndicate for both transactions. Our engagements of BSP are on terms equivalent to those of
unaffiliated parties.
In the fourth quarter of 2024, in connection with the modification of one of our senior loans, a Blackstone-advised
investment vehicle purchased a pari passu participation in the loan from a third party at a discount to par.
In the fourth quarter of 2024, the senior lenders negotiated a discounted payoff of a senior loan in which we held an
interest. As part of the discounted payoff, a Blackstone-advised investment vehicle's mezzanine loan, which had been part
of the total financing, received a small repayment.
In the third quarter of 2024, we acquired
$
94.4
million
of a total
$
560.0
million
senior loan to an unaffiliated third party.
One Blackstone-advised investment vehicle holds a portion of the senior loan and another holds a mezzanine loan. We will
forgo all non-economic rights under our loan, including voting rights, so long as any Blackstone-advised investment
vehicle controls the mezzanine loan. The intercreditor agreement between the senior loan lender and the mezzanine lender
was negotiated on market terms by a third party without our involvement, and our
17
%
interest in the senior loan was made
on such market terms.
In 2019 and 2021, we acquired an aggregate participation of
€
350.0
million
in a senior loan to a borrower that is partially
owned by a Blackstone-advised investment vehicle. We forgo all non-economic rights under the loan, including voting
rights, so long as the Blackstone-advised investment vehicle controls the borrower. The loan was negotiated by third parties
on market terms without our involvement, and our interest in the senior loan was subject to such market terms. In the third
quarter of 2024, the borrower completed a refinancing transaction involving new lenders and the existing lenders. We
elected to sell
€
232.0
million
of our then remaining
€
347.0
million
loan position to the new lenders at par and extend the
remainder on modified terms. The terms of the modification (which included, among other changes, an extension of the
maturity date, and increase in the interest rate, and additional guarantees) were negotiated by our third-party co-lender.
In the fourth quarter of 2018, we originated
£
148.7
million
of a total
£
303.5
million
senior loan to a borrower that is wholly
owned by a Blackstone-advised investment vehicle. The loan terms were negotiated by our third-party co-lender, and we
will forgo all non-economic rights under the loan, including voting rights, so long as a Blackstone-advised investment
vehicle controls the borrower. In the third quarter of 2024, we agreed to a refinancing transaction pursuant to which
£
46.4
million
of our
£
148.7
million
participation in an existing
£
303.5
million
loan to a borrower that is wholly owned by a
Blackstone-advised investment vehicle was repaid, and we received a
£
100.0
million
participation in a new loan made to
the same borrower that continues to be controlled by a Blackstone-advised investment vehicle, and the terms of the loan
were modified to include, among other changes, an expanded collateral pool, an extension of the maturity date and an
increase in the interest rate. The transaction, including the terms of the modification, was negotiated by our third-party co-
lender.
In the second quarter of 2024, a Blackstone-advised investment vehicle acquired a portfolio of assets from an unaffiliated
third-party borrower. The proceeds of this transaction repaid a
£
46.5
million
performing junior loan owned by us, and a
£
186.0
million
performing senior loan owned by an unaffiliated third-party, both of which were included in our
consolidated balance sheets, with the senior loan also recorded as a loan participation sold liability. The transaction was
initiated by the third-party borrower with the sale pricing on market terms and the repayment completed in accordance with
the loan agreements between the lenders and the unaffiliated third-party borrower.
In the first quarter of 2024, a Blackstone-advised investment vehicle originated a loan to one of our unaffiliated third-party
borrowers, the proceeds of which repaid a
$
98.6
million
performing senior loan owned by us. The transaction was initiated
by the third-party borrower with the loan terms and pricing on market terms.
22.
COMMITMENTS AND CONTINGENCIES
Unfunded Commitments Under Loans Receivable
As of
March 31, 2025
, we had aggregate unfunded commitments of
$
1.0
billion
across
57
loans receivable, and
$
520.2
million
of committed or identified financings for those commitments, resulting in net unfunded commitments of
$
513.0
million
.
The unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs,
51
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
and interest and carry costs. Loan funding commitments are generally subject to certain conditions, including, without
limitation, the progress of capital projects, leasing, and cash flows at the properties securing our loans.
Therefore, the exact
timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of
the underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans,
which have a weighted-average future funding period of
2.3
years
.
Principal Debt Repayments
Our contractual principal debt repayments as of
March 31, 2025
were as follows ($ in thousands):
Year
Secured
Debt
(1)
Asset-Specific
Debt
(1)
Term
Loans
(2)
Senior Secured
Notes
Convertible
Notes
(3)
Total
(4)
2025 (remaining)
$
986,557
$
—
$
11,069
$
—
$
—
$
997,626
2026
3,392,946
—
324,026
—
—
3,716,972
2027
3,383,555
—
14,758
335,316
266,157
3,999,786
2028
735,303
—
638,758
—
—
1,374,061
2029
1,174,497
336,387
772,137
450,000
—
2,733,021
Thereafter
338,683
157,694
—
—
—
496,377
Total obligation
$
10,011,541
$
494,081
$
1,760,748
$
785,316
$
266,157
$
13,317,843
(1)
Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.
Therefore, the allocation of payments under such agreements is generally allocated based on the maximum maturity
date of the collateral loans, assuming all extension options are exercised by the borrower. In limited instances, the
maturity date of the respective debt agreement is used.
(2)
The Term Loans are partially amortizing, with an amount equal to
1.0
%
per annum of the initial principal balance
due in quarterly installments. Refer to
Note 11
for further details on our Term Loans.
(3)
Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer
to
Note 13
for further details on our Convertible Notes.
(4)
Total does not include
$
2.6
billion of consolidated securitized debt obligations,
$
845.8
million of non-consolidated
senior interests, and
$
101.7
million
of loan participations sold, as the satisfaction of these liabilities will not require
cash outlays from us.
Board of Directors' Compensation
As of
March 31, 2025
, of the
eight
members of our board of directors, our
six
non-employee directors are entitled to annual
compensation of
$
210,000
each, of which
$
95,000
is paid in cash and
$
115,000
is paid in the form of deferred stock units
or, at their election, shares of restricted common stock. As of
March 31, 2025
, the other
two
board members, the
chairperson of the board and our chief executive officer, are not compensated by us for their service as directors. In
addition, (i) the lead independent director receives additional annual cash compensation of
$
30,000
, (ii) the chairs of our
audit, compensation, and corporate governance committees receive additional annual cash compensation of
$
20,000
,
$
15,000
, and
$
10,000
,
respectively,
and (ii) the members of our audit and investment risk management committees receive
additional annual cash compensation of
$
10,000
and
$
7,500
, respectively.
Litigation
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of
March 31, 2025
, we were not involved in any material legal proceedings.
23
.
SEGMENT REPORTING
Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete
financial information is available that is evaluated on a regular basis by the chief operating decision maker, or CODM. Our
CODM is, collectively, our
Chief Executive Officer and Chief Financial Officer,
who decide how to allocate resources and
assess performance. A single management team reports to the CODM, who manages the entire business.
52
Blackstone Mortgage Trust, Inc.
Notes to Consolidated Financial Statements (continued) (Unaudited)
We have determined that we have
one
reportable segment based on how the CODM reviews and manages the business,
which originates and acquires commercial mortgage loans and related investments.
Our CODM reviews, among other things, consolidated net income (loss) that is reported on the Consolidated Statements of
Operations to make decisions, allocate resources and assess performance and does not evaluate the net income (loss) from
any separate geography or product line. The measure of segment assets is reported on the Consolidated Balance Sheets as
total consolidated assets.
53
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
References herein to "Blackstone Mortgage Trust," "Company," "we," "us," or "our" refer to Blackstone Mortgage
Trust, Inc. and its subsidiaries unless the context specifically requires otherwise.
The following discussion and analysis of our financial condition and results of operations should be read in conjunction
with the unaudited consolidated financial statements and notes thereto appearing elsewhere in this Quarterly Report on
Form 10-Q and with our Annual Report on Form 10-K for the year ended
December 31, 2024
. In addition to historical
data, this discussion and analysis contains forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the
Exchange Act, which reflect our current views with respect to, among other things, our business, operations and financial
performance. You can identify these forward-looking statements by the use of words such as "intend," "goal," "estimate,"
"expect," "project," "projections," "plans," "seeks," "anticipates," "should," "could," "may," "designed to,"
"foreseeable future," "believe," "scheduled," and similar expressions. Such forward- looking statements are subject to
various risks, uncertainties and assumptions. Our actual results or outcomes may differ materially from those in this
discussion and analysis as a result of various factors, including but not limited to those discussed in Item 1A. Risk Factors
in our Annual Report on Form 10-K for the year ended December 31, 2024 and elsewhere in this Quarterly Report on
Form 10-Q.
Introduction
Blackstone Mortgage Trust is a real estate finance company that originates, acquires, and manages senior loans and other
debt or credit-oriented investments collateralized by or relating to commercial real estate in North America, Europe, and
Australia. Our portfolio is composed primarily of senior loans secured by high-quality, institutional assets located in major
markets, and sponsored by experienced, well-capitalized real estate investment owners and operators. We finance our
investments in a variety of ways, including borrowing under our credit facilities, issuing collateralized loan obligations, or
CLOs, or single-asset securitizations, asset-specific financings, syndicating senior loan participations, and corporate
financing, depending on our view of the most prudent financing option available for each of our investments. We are
externally managed by BXMT Advisors L.L.C., or our Manager, a subsidiary of Blackstone Inc., or Blackstone, and are a
real estate investment trust, or REIT, traded on the New York Stock Exchange, or NYSE, under the symbol "BXMT."
We benefit from the deep knowledge, experience and information advantages of our Manager, which is a part of
Blackstone's real estate platform.
Blackstone's real estate group is the largest owner of commercial real estate globally
with over 12,500 commercial assets
and a proven track record of successfully navigating market cycles and emerging
stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone
platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly manage the
assets in our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
We conduct our operations as a REIT for U.S. federal income tax purposes. We generally will not be subject to U.S. federal
income taxes on our taxable income to the extent that we annually distribute all of our net taxable income to stockholders
and maintain our qualification as a REIT. We also operate our business in a manner that permits us to maintain an
exclusion from registration under the Investment Company Act of 1940, as amended. We are organized as a holding
company and conduct our business primarily through our various subsidiaries.
Macroeconomic Environment
Recently announced
tariffs in the U.S. have contributed to significant and ongoing uncertainty and volatility of debt and
equity markets. There is significant
uncertainty as to the outcome of ongoing global trade negotiations, the extent of
retaliatory measures taken by other countries and the ultimate impact on the U.S. and global economies. A prolonged
period of policy-driven uncertainty and continued market volatility increases the likelihood of a slowdown in the U.S. and
global economies and could impact the ongoing recovery in the commercial real estate market, which could adversely
affect us, our borrowers, their tenants and the value of the real estate assets related to our investments.
At the same time, the announced tariffs are likely to increase construction costs and further reduce already constrained new
supply starts, including in certain sectors in which our portfolio is concentrated, such as multifamily and industrial. This
should be supportive of real estate values over time, subject to inflation continuing to subside and absent recessionary
condition.
54
I. Key Financial Measures and Indicators
As a real estate finance company, we believe the key financial measures and indicators for our business are earnings per
share, dividends declared, Distributable Earnings, Distributable Earnings prior to charge-offs, and book value per share.
For the
three months ended
March 31, 2025
, we recorded
basic net
loss
per share of
$0.00
, declared a dividend of $
0.47
per
share, reported
$0.17
per share of Distributable Earnings, and reported
$0.42
per share of Distributable Earnings prior to
charge-offs. In addition, our book value as of
March 31, 2025
was
$21.42
per share, which is net of cumulative CECL
reserves of
$4.39
per share.
As further described below, Distributable Earnings and Distributable Earnings prior to charge-offs are measures that are
not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
Distributable Earnings and Distributable Earnings prior to charge-offs helps us to evaluate our performance excluding the
effects of certain transactions and GAAP adjustments that we believe are not necessarily indicative of our current loan
portfolio and operations. In addition, Distributable Earnings and Distributable Earnings prior to charge-offs are
performance metrics we consider when declaring our dividends.
Earnings Per Share and Dividends Declared
The following table sets forth the calculation of basic net income (loss) per share and dividends declared per share ($ in
thousands, except per share data):
Three Months Ended
March 31, 2025
December 31, 2024
Net (loss) income
(1)
$
(357)
$
37,190
Weighted-average shares outstanding, basic
172,004,888
173,488,888
Net (loss) income per share, basic
$
(0.00)
$
0.21
Dividends declared per share
$
0.47
$
0.47
(1)
Represents net (loss) income attributable to Blackstone Mortgage Trust. Refer to
Note 15
to our consolidated
financial statements for the calculation of diluted net (loss) income per share.
Distributable Earnings and Distributable Earnings Prior to Charge-Offs
Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves are non-GAAP measures. We
define Distributable Earnings as GAAP net income (loss), including realized gains and losses not otherwise recognized in
current period GAAP net income (loss), and excluding (i) non-cash equity compensation expense, (ii) depreciation and
amortization, (iii) unrealized gains (losses), and (iv) certain non-cash items. Distributable Earnings may also be adjusted
from time to time to exclude one-time events pursuant to changes in GAAP and certain other non-cash charges as
determined by our Manager, subject to approval by a majority of our independent directors. Distributable Earnings mirrors
the terms of our management agreement between our Manager and us, or our Management Agreement, for purposes of
calculating our incentive fee expense. Therefore, Distributable Earnings prior to charge-offs of CECL reserves is calculated
net of the incentive fee expense that would have been recognized if such charge-offs had not occurred.
Our CECL reserves have been excluded from Distributable Earnings consistent with other unrealized gains (losses)
pursuant to our existing policy for reporting Distributable Earnings. We expect to only recognize such potential credit
losses in Distributable Earnings if and when such amounts are realized and deemed non-recoverable upon a realization
event. This is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold, but
realization and non-recoverability may also be concluded if, in our determination, it is nearly certain that all amounts due
will not be collected. The timing of any such credit loss realization in our Distributable Earnings may differ materially from
the timing of CECL reserves or charge-offs in our consolidated financial statements prepared in accordance with GAAP.
The realized loss amount reflected in Distributable Earnings will equal the difference between the cash received, or
expected to be received, and the book value of the asset, and is reflective of our economic experience as it relates to the
ultimate realization of the loan.
We believe that Distributable Earnings provides meaningful information to consider in addition to our net income (loss)
and cash flow from operating activities determined in accordance with GAAP. We believe Distributable Earnings is a
useful financial metric for existing and potential future holders of our class A common stock as historically, over time,
Distributable Earnings has been a strong indicator of our dividends per share. As a REIT, we generally must distribute
55
annually at least 90% of our net taxable income, subject to certain adjustments, and therefore we believe our dividends are
one of the principal reasons stockholders may invest in our class A common stock. Refer to
Note 17
to our consolidated
financial statements for further discussion of our distribution requirements as a REIT. Further, Distributable Earnings helps
us to evaluate our performance excluding the effects of certain transactions and GAAP adjustments that we believe are not
necessarily indicative of our current loan portfolio and operations, and is a performance metric we consider when declaring
our dividends.
Furthermore, we believe it is useful to present Distributable Earnings prior to charge-offs of CECL reserves to reflect our
direct operating results and help existing and potential future holders of our class A common stock assess the performance
of our business excluding such charge-offs. We utilize Distributable Earnings prior to charge-offs of CECL reserves as an
additional performance metric to consider when declaring our dividends. Distributable Earnings mirrors the terms of our
Management Agreement for purposes of calculating our incentive fee expense. Therefore, Distributable Earnings prior to
charge-offs of CECL reserves is calculated net of the incentive fee expense that would have been recognized if such
charge-offs had not occurred.
Distributable Earnings and Distributable Earnings prior to charge-offs of CECL reserves do not represent net income (loss)
or cash generated from operating activities and should not be considered as alternatives to GAAP net income (loss), or
indicators of our GAAP cash flows from operations, measures of our liquidity, or indicators of funds available for our cash
needs. In addition, our methodology for calculating Distributable Earnings and Distributable Earnings prior to charge-offs
of CECL reserves may differ from the methodologies employed by other companies to calculate the same or similar
supplemental performance measures, and accordingly, our reported Distributable Earnings and Distributable Earnings prior
to charge-offs of CECL reserves may not be comparable to similar metrics reported by other companies.
56
The following table provides a reconciliation of Distributable Earnings and Distributable Earnings prior to charge-offs of
CECL reserves to GAAP net income (loss) ($ in thousands, except per share data):
Three Months Ended
March 31, 2025
December 31, 2024
Net (loss) income
(1)
$
(357)
$
37,190
Charge-offs of CECL reserves
(2)
(41,824)
(294,064)
Increase in CECL reserves
49,505
19,055
Depreciation and amortization of real estate owned
16,517
8,193
Non-cash compensation expense
6,965
7,772
Realized hedging and foreign currency loss, net
(3)
(1,237)
(598)
Allocable share of adjustments related to unconsolidated entities
(4)
94
—
Cash (non-cash) income from agency multifamily partnership, net
(5)
24
(718)
Contingent liabilities
(6)
—
5,653
Adjustments attributable to non-controlling interests, net
(94)
(102)
Other items
(3)
(11)
Distributable Earnings
$
29,590
$
(217,630)
Charge-offs of CECL reserves
(2)
41,824
294,064
Distributable Earnings prior to charge-offs of CECL reserves
$
71,414
$
76,434
Weighted-average shares outstanding, basic
(7)
172,004,888
173,488,888
Distributable Earnings per share, basic
$
0.17
$
(1.25)
Distributable Earnings per share, basic, prior to charge-offs of CECL reserves
$
0.42
$
0.44
(1)
Represents net (loss) income attributable to Blackstone Mortgage Trust.
(2)
Represents realized losses related to loan principal amounts deemed non-recoverable.
(3)
Represents realized losses on the repatriation of unhedged foreign currency. These amounts were not included in
GAAP net income (loss), but rather as a component of other comprehensive income in our consolidated financial
statements.
(4)
Allocable share of adjustments related to unconsolidated entities reflects our share of (i) non-cash items such as
depreciation and amortization, (ii) unrealized gains and losses recorded by such unconsolidated entities, if any, and
(iii) related adjustments for realized gains, if any.
(5)
Represents (i) the non-cash income recognized under GAAP related to our Agency Multifamily Lending
Partnership, in which we receive a portion of origination, servicing, and other fees for loans we refer to MTRCC for
origination, offset by the related loss-sharing obligation accruals and (ii) the cash received related to such income
previously recognized under GAAP.
Refer to
Note 2
to our consolidated financial statements for additional
information on our
Agency Multifamily Lending Partnership
.
(6)
Represents a contingent liability related to a sale of a loan.
(7)
The weighted-average shares outstanding, basic, exclude shares issuable from a potential conversion of our
Convertible Notes then outstanding. Consistent with the treatment of other unrealized adjustments to Distributable
Earnings, these potentially issuable shares are excluded until a conversion occurs. Refer to
Note 15
to our
consolidated financial statements for the calculation of diluted net income per share.
57
Book Value Per Share
The following table calculates our book value per share ($ in thousands, except per share data):
March 31, 2025
December 31, 2024
Stockholders' equity
$
3,681,968
$
3,787,308
Shares
Class A common stock
171,582,452
172,792,094
Deferred stock units
310,108
412,096
Total outstanding
171,892,560
173,204,190
Book value per share
(1)
$
21.42
$
21.87
(1)
The book value per share excludes shares issuable from a potential conversion of our Convertible Notes then
outstanding. Refer to
Note 15
to our consolidated financial statements for the calculation of diluted net income per
share.
II. Investment Portfolio
Loan Portfolio
During the
three months ended
March 31, 2025
, we originated or acquired
$1.6 billion
of loans. Loan fundings during the
three months ended
March 31, 2025
totaled
$1.7 billion
and loan repayments and sales totaled
$1.8 billion
. We generated
interest income of
$332.1 million
and incurred interest expense of
$242.2 million
during the
three months ended
March 31,
2025
, which resulted in
$89.8 million
of net interest income during the
three months ended
March 31, 2025
.
Loan Portfolio Overview
The following table details our loan origination activity ($ in thousands):
Three Months Ended
March 31, 2025
December 31, 2024
Loan originations
(1)
$
1,554,159
$
197,230
Loan fundings
$
1,681,299
$
376,871
Loan repayments and sales
(1,810,678)
(1,607,073)
Total net repayments
$
(129,379)
$
(1,230,202)
(1)
Includes new loan originations and acquisitions, and additional commitments made under existing loans.
58
The following table details overall statistics for our loans receivable portfolio as of
March 31, 2025
($ in thousands):
Balance Sheet Portfolio
Number of loans
138
Principal balance
$
19,217,768
Net book value
$
18,308,171
Unfunded loan commitments
(1)
$
1,033,229
Weighted-average cash coupon
(2)
+ 3.39
%
Weighted-average all-in yield
(2)
+ 3.70
%
Weighted-average maximum maturity (years)
(3)
2.3
Origination loan-to-value (LTV)
(4)
63.3
%
(1)
Unfunded commitments will primarily be funded to finance our borrowers' construction or development of real
estate-related assets, capital improvements of existing assets, or lease-related expenditures. These commitments will
generally be funded over the term of each loan, subject in certain cases to an expiration date.
(2)
The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark
rates, which include SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable to each investment.
As of
March 31, 2025
,
substantially all of our loans by principal balance
earned a floating rate of interest, primarily
indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and
extension fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees.
Excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any
.
(3)
Maximum maturity assumes all extension options are exercised by the borrower, however our loans and other
investments may be repaid prior to such date.
Excludes loans accounted for under the cost-recovery and nonaccrual
methods, if any
. As of
March 31, 2025
,
17%
of our loans by principal balance were subject to yield maintenance or
other prepayment restrictions and
83%
were open to repayment by the borrower without penalty.
(4)
Based on LTV as of the dates loans were originated or acquired by us, excluding any loans that are impaired and any
junior participations sold.
The
following table details the index rate floors for our loan portfolio as of
March 31, 2025
($ in thousands):
Loans Receivable Principal Balance
Index Rate Floors
USD
Non-USD
(1)
Total
Fixed Rate
$
161,794
$
—
$
161,794
0.00% or no floor
(2)
2,253,062
5,429,004
7,682,066
0.01% to 1.00% floor
3,831,152
383,878
4,215,030
1.01% to 2.00% floor
1,270,538
1,002,702
2,273,240
2.01% to 3.00% floor
2,840,351
371,186
3,211,537
3.01% or more floor
1,340,478
333,623
1,674,101
Total
(3)
$
11,697,375
$
7,520,393
$
19,217,768
(1)
Includes Euro, British Pound Sterling, Swedish Krona, Australian Dollar, Canadian Dollar, and Swiss Franc
currencies.
(2)
Includes all impaired loans.
(3)
As of
March 31, 2025
, the weighted-average index rate floor of our floating-rate loans receivable principal balance
was
1.13%
. Excluding 0.0% index rate floors and loans with no floor, the weighted-average index rate floor was
1.74%
.
59
The following table details the floating benchmark rates for our loan portfolio as of
March 31, 2025
(loans receivable
principal balance amounts in thousands):
Loan
Count
Currency
Loans Receivable
Principal Balance
Floating Rate
Index
(1)
Cash Coupon
(2)
All-in Yield
(2)
107
$
$
11,697,375
SOFR
+ 3.19%
+ 3.47%
15
£
£
2,400,386
SONIA
+ 3.23%
+ 3.67%
10
€
€
2,222,792
EURIBOR
+ 3.80%
+ 4.17%
6
Various
$
2,015,401
Other
(3)
+ 3.98%
+ 4.24%
138
$
19,217,768
+ 3.39%
+ 3.70%
(1)
We use foreign currency forward contracts to protect the value or fix the amount of certain investments or cash
flows in terms of the U.S. dollar. We earn forward points on our forward contracts that reflect the interest rate
differentials between the applicable base rate for our foreign currency investments and prevailing U.S. interest rates.
These forward contracts effectively convert the foreign currency rate exposure for such investments to USD-
equivalent interest rates.
(2)
In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, and purchase discounts, as well as the accrual of exit fees.
Excludes loans accounted for under the
cost-recovery and nonaccrual methods, if any
.
(3)
Includes floating rate loans indexed to STIBOR, CORRA, BBSY, and SARON
indices
.
60
The charts below detail the geographic distribution a
nd types of properties securing our loan portfolio, as of
March 31,
2025
:
Geographic Diversification
(Net Loan Exposure)
(1)
Collateral
Diversification
(Net Loan Exposure)
(1)(2)
______________
(1)
Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of
March 31, 2025
,
which is our principal balance net of (i)
$494.1 million
of asset-specific debt, (ii)
$117.1 million
of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of
$741.5 million
, and (iv)
$101.7 million
of junior loan
interests that we have sold, but that remain included in our consolidated financial statements
. Our asset-specific debt
and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Geographic locations that represent less than 1% of net loan exposure are excluded from the chart.
(2)
Assets with multiple components are proportioned into the relevant collateral types based on the allocated value of
each collateral type.
Refer to section VI of this Item 2 for details of our loan portfolio, on a loan-by-loan basis.
Portfolio Management
As of
March 31, 2025
,
95%
of our loans were performing with risk ratings of "1" through "4," and the remaining
5%
were
impaired with a risk rating of "5." O
f the performing loans,
99.2%
, based on net loan exposure,
were in compliance with
the applicable contractual terms. We believe this demonstrates the overall strength of our loan portfolio and the
commitment and financial wherewithal of our borrowers generally, which are primarily affiliated with large real estate
private equity funds and other strong, well-capitalized, and experienced sponsors.
We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the
performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and
from our long-standing core business model of originating senior loans collateralized by large assets in major markets with
experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally
adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of
certain investments. As of
March 31, 2025
, we had an aggregate
$555.4 million
asset-specific CECL reserve related to
13
61
of our loans receivable, with an aggregate amortized cost basis of
$1.5 billion
, net of cost-recovery proceeds. This CECL
reserve was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of
March 31,
2025
.
Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information
advantages derived from our position as part of Blackstone's real estate platform.
Blackstone's real estate group is the
largest owner of commercial real estate globally with over 12,500 commercial assets
and a proven track record of
successfully navigating market cycles and emerging stronger through periods of volatility. The market-leading real estate
expertise derived from the strength of the Blackstone platform deeply informs our credit and underwriting process, and
gives us the tools to expertly asset manage our portfolio and work with our borrowers throughout periods of economic
stress and uncertainty.
As discussed in
Note 2
to our consolidated financial statements, we perform a quarterly review of our loan portfolio,
assesses the performance of each loan, and assigns it a risk rating between "1" and "5", from less risk to greater risk. Our
loan portfolio had a weighted-average risk rating of
3.0
as of both
March 31, 2025
and
December 31, 2024
, respectively
.
The following table allocates the net book value and net loan exposure balances based on our internal risk ratings ($ in
thousands):
March 31, 2025
Risk Rating
Number of Loans
Net Book Value
Net Loan Exposure
(1)
1
10
$
562,331
$
561,866
2
20
3,324,353
3,324,516
3
75
10,728,778
10,093,832
4
20
2,912,484
2,813,943
5
13
1,521,766
969,175
Loans receivable
138
$
19,049,712
$
17,763,332
CECL reserve
(741,541)
Loans receivable, net
$
18,308,171
(1)
Net loan exposure reflects the amount of each loan that is subject to risk of credit loss to us as of
March 31, 2025
,
which is our principal balance net of (i)
$494.1 million
of asset-specific debt, (ii)
$117.1 million
of cost-recovery
proceeds, (iii) our total loans receivable CECL reserve of
$741.5 million
, and (iv)
$101.7 million
of junior loan
interests that we have sold, but that remain included in our consolidated financial statements
. Our asset-specific debt
and loan participations sold are structurally non-recourse and term-matched to the corresponding collateral loans.
Current Expected Credit Loss Reserve
The CECL reserves required by GAAP reflect our current estimate of potential credit losses related to our loans and notes
receivable included in our consolidated balance sheets. Other than a few narrow exceptions, GAAP requires that all
financial instruments subject to the CECL model have some amount of loss reserve to reflect the principle underlying the
CECL model that all loans and similar assets have some inherent risk of loss, regardless of credit quality, subordinate
capital, or other mitigating factors.
During the
three months ended
March 31, 2025
, we recorded a net
increase
of
$49.4 million
in the CECL reserves against
our loans receivable portfolio, primarily due to a
$32.9 million
increase
in our general CECL reserves, offset by charge-
offs of our CECL reserves of
$41.8 million
, bringing our total loans receivable CECL reserve to
$741.5 million
as of
March 31, 2025
. This
increase
in our general CECL reserves was primarily as a result of
a change in the portfolio mix, as
loan repayments were offset by new originations, as well as changes in the historical loss rate
. Additionally, we recorded an
increase in our asset-specific CECL reserves, primarily as a result of
one
additional loan that was impaired during the three
months ended
March 31, 2025
, which was secured by an office asset.
The office sector is generally facing reduced tenant
and capital markets demand in recent years. Impairments are each determined individually as a result of changes in the
specific credit quality factors for such loans. These factors included, among others, (i) the underlying collateral
performance, (ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the
borrower's ability to pay the contractual amounts due under the terms of the loan.
The income accrual was suspended on
the
one
loan that was impaired during the three months ended
March 31, 2025
, as the recovery of income and principal was
62
doubtful. During the three months ended
March 31, 2025
, we recorded
$2.8 million
of interest income on this loan.
This
increase
in the CECL reserves was partially offset by a resolution and a
$41.8 million
charge-off of the CECL reserve on
one
previously impaired loan. The resolution was the result of an acquisition of title through a deed-in-lieu of foreclosure
transaction related to an office property located in Chicago, IL, which is now included on our consolidated balance sheet as
an REO asset.
As of
March 31, 2025
, we had an aggregate
$555.4 million
asset-specific CECL reserve related to
13
of our loans
receivable, with an aggregate amortized cost basis of
$1.5 billion
, net of cost-recovery proceeds. This CECL reserve was
recorded based on our estimation of the fair value of each of the loan's underlying collateral as of
March 31, 2025
.
No
income was recorded on our impaired loans subsequent to determining that they were impaired. During the
three months
ended
March 31, 2025
, we received an aggregate
$18.9 million
of cash proceeds from such loans that were applied as a
reduction to the amortized cost basis of each respective loan.
As of
March 31, 2025
,
one
of our performing loans with an amortized cost basis of
$195.0 million
, inclusive of a
$50.0 million
junior loan participation sold,
was past its current maturity date, was greater than 90 days past due on its
interest payment, and had a risk rating of "3." This loan was not impaired as of March 31, 2025 as the estimated fair value
of the underlying collateral exceeded our basis in the loan. As of March 31, 2025, all other borrowers under performing
loans were in compliance with the applicable contractual terms of each respective loan, including any required payment of
interest.
Refer to
Note 2
to our consolidated financial statements for further discussion of our policies on revenue
recognition and our CECL reserves.
Real Estate Owned
As part of our portfolio management strategy to maximize economic outcomes, we may hold certain real estate owned, or
REO, investments resulting from us acquiring title to or taking control of a loan's underlying real estate collateral. As of
March 31, 2025
, we had
eight
REO assets with an aggregate carrying value of
$640.4 million
.
Multifamily Joint Venture
As of
March 31, 2025
, our multifamily joint venture held a
$43.3 million
loan
, which is included in the loan disclosures
above. As of
March 31, 2025
, our Multifamily Joint Venture also held a
$32.3 million
REO asset. Refer to
Note 2
to our
consolidated financial statements for additional discussion of our multifamily joint venture.
Agency Multifamily Lending Partnership
In the second quarter of 2024, we entered into our
Agency Multifamily Lending Partnership
that allows our borrowers to
access multifamily agency financing through MTRCC's Fannie Mae DUS and Freddie Mac Optigo lending platforms. We
will receive a portion of origination, servicing, and other fees for loans that we refer to MTRCC for origination under both
the Fannie Mae and Freddie Mac programs. Additionally, we will share in losses with MTRCC and Fannie Mae on loans
that we refer to MTRCC for origination under the Fannie Mae program.
During the
three months ended
March 31, 2025
,
we did
not
refer any
loans
to MTRCC.
Net Lease Joint Venture
In the fourth quarter of 2024, we entered into our
Net Lease Joint Venture
with another Blackstone-advised investment
vehicle to invest in triple net lease properties, which is recorded on our consolidated balance sheets as an investment in
unconsolidated entities. As of
March 31, 2025
, our investment in unconsolidated entities totaled
$29.0 million
. During the
three months ended
March 31, 2025
we contributed
$25.6 million
to the joint venture, did
not
receive any distributions, and
recorded an
$874,000
loss from unconsolidated entities in our consolidated statements of operations.
63
Portfolio Financing
Our portfolio financing consists of secured debt, securitizations, and asset-specific debt. The following table details our
portfolio financing ($ in thousands):
Portfolio Financing
Outstanding Principal Balance
March 31, 2025
December 31, 2024
Secured debt
$
10,011,541
$
9,705,529
Securitizations
2,569,979
1,936,967
Asset-specific debt
494,081
1,228,110
Total portfolio financing
$
13,075,601
$
12,870,606
Secured Debt
The following table details our secured credit facilities by spread over the applicable base rates as of
March 31, 2025
($ in
thousands):
Three Months Ended
March 31, 2025
March 31, 2025
Spread
(1)
New Financings
(2)
Total
Borrowings
Wtd. Avg.
All-in
Cost
(1)(3)(4)
Collateral
(5)
Wtd. Avg.
All-in
Yield
(1)(3)
Net Interest
Margin
(6)
+
1.50%
or less
$
332,431
$
4,070,890
+1.52
%
$
6,215,254
+3.19
%
+1.67
%
+
1.51%
to +
1.75%
315,623
2,598,070
+1.77
%
3,391,195
+3.43
%
+1.66
%
+
1.76%
to +
2.00%
—
952,714
+2.09
%
1,751,216
+3.70
%
+1.61
%
+
2.01%
or more
84,305
2,389,867
+2.61
%
3,421,739
+4.27
%
+1.66
%
Total
$
732,359
$
10,011,541
+1.90
%
$
14,779,404
+3.55
%
+1.65
%
(1)
The spread, all-in cost, and all-in yield are expressed over the relevant floating benchmark rates, which include
SOFR, SONIA, EURIBOR, CORRA, and other indices as applicable.
(2)
Represents the amount of new borrowings we closed
during the
three months ended
March 31, 2025
.
(3)
In addition to spread, the cost includes the associated deferred fees and expenses related to the respective
borrowings. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension
fees, loan origination costs, and purchase discounts, as well as the accrual of exit fees. All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)
Represents the weighted-average all-in cost as of
March 31, 2025
and is not necessarily indicative of the spread
applicable to recent or future borrowings.
(5)
Represents the principal balance of the collateral loan assets and the book value of the collateral REO assets.
(6)
Represents the difference between the weighted-average all-in yield and weighted-average all-in cost.
64
Securitizations
We have financed certain pools of our loans through collateralized loan obligations, or CLOs. The following table details
our securitized debt obligations and the underlying collateral assets that are financed by our CLOs ($ in thousands):
March 31, 2025
Securitized Debt Obligations
Count
Principal
Balance
Book
Value
(1)
Wtd. Avg.
Yield/Cost
(2)(3)
Term
(4)
2025 FL5 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
$
831,250
$
821,167
+ 2.08
%
October 2042
Underlying Collateral Assets
19
1,000,000
1,000,000
+ 3.41
%
July 2028
2021 FL4 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
670,149
670,149
+ 1.42
%
May 2038
Underlying Collateral Assets
22
849,996
849,996
+ 2.90
%
October 2026
2020 FL3 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
469,730
469,730
+ 2.44
%
November 2037
Underlying Collateral Assets
12
637,509
637,509
+ 3.04
%
December 2026
2020 FL2 Collateralized Loan Obligation
Senior CLO Securities Outstanding
1
598,850
598,850
+ 1.65
%
February 2038
Underlying Collateral Assets
12
831,395
831,395
+ 3.27
%
October 2026
Total
Senior CLO Securities Outstanding
(5)
4
$
2,569,979
$
2,559,896
+ 1.88
%
Underlying Collateral Assets
65
$
3,318,900
$
3,318,900
+ 3.31
%
(1)
The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)
In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan
origination costs, purchase discounts, and accrual of exit fees.
(3)
The weighted-average all-in yield and cost are expressed as a spread over SOFR
.
All-in yield excludes loans
accounted for under the cost-recovery and nonaccrual methods, if any, and REO assets.
(4)
Underlying Collateral Assets term represents the weighted-average final maturity of such loans, assuming all
extension options are exercised by the borrower, and excludes REO assets. Repayments of securitized debt
obligations are tied to timing of the related collateral loan asset repayments. The term of these obligations represents
the rated final distribution date of the securitizations.
(5)
During the
three months ended
March 31, 2025
, we recorded
$27.6 million
of interest expense related to our
securitized debt obligations.
Refer to
Note 8
and
Note 20
to our consolidated financial statements for additional details of our securitized debt
obligations.
65
Asset-Specific Debt
The following table details our asset-specific debt ($ in thousands):
March 31, 2025
Asset-Specific Debt
Count
Principal
Balance
Book Value
(1)
Wtd. Avg.
Yield/Cost
(2)
Wtd. Avg.
Term
(3)
Financing provided
2
$
494,081
$
492,235
+ 3.36
%
September 2029
Collateral assets
2
$
611,628
$
606,073
+ 4.58
%
September 2029
(1)
The book value of underlying collateral assets excludes any applicable CECL reserves.
(2)
The weighted-average all-in yield and cost are expressed as a spread ov
er the relevant floating benchmark rates,
which include SOFR and CORRA, as applicable
.
These floating rate loans and related liabilities are currency and
index-matched to the applicable benchmark rate relevant in each arrangement. In addition to cash coupon, yield/cost
includes the amortization of deferred origination fees and financing costs.
(3)
The weighted-average term is determined based on the maximum maturity of the corresponding loans, assuming all
extension options are exercised by the borrower. Our non-recourse, asset-specific debt is term-matched in each case
to the corresponding collateral loans.
Corporate Financing
The following table details our outstanding corporate financing ($ in thousands):
Corporate Financing
Outstanding Principal Balance
March 31, 2025
December 31, 2024
Term loans
$
1,760,748
$
1,764,437
Senior secured notes
785,316
785,316
Convertible notes
266,157
266,157
Total corporate financing
$
2,812,221
$
2,815,910
66
The following table details our outstanding senior term loan facilities, or Term Loans, our outstanding senior secured notes,
or Senior Secured Notes, and convertible senior notes, or Convertible Notes, as of
March 31, 2025
($ in thousands):
Corporate Financing
Face Value
Interest Rate
(1)
All-in Cost
(1)(2)
Maturity
Term Loans
B-1 Term Loan
$
309,268
+ 2.36
%
+ 2.53
%
April 23, 2026
B-4 Term Loan
803,105
+ 3.50
%
+ 4.11
%
May 9, 2029
B-5 Term Loan
648,375
+ 3.75
%
+ 4.27
%
December 10, 2028
Total term loans
$
1,760,748
Senior Secured Notes
October 2021
$
335,316
3.75
%
4.06
%
January 15, 2027
December 2024
450,000
7.75
%
(3)
8.14
%
December 1, 2029
Total senior secured notes
$
785,316
Convertible Notes
Convertible Notes
(4)
$
266,157
5.50
%
5.79
%
March 15, 2027
Total corporate financings
$
2,812,221
(1)
The B-4 Term Loan and the B-5 Term Loan borrowings are subject to a floor of
0.50%
.
The Term Loans are
indexed to one-month SOFR
.
(2)
Includes issue discounts, transaction expenses, and/or issuance costs, as applicable, that are amortized through
interest expense over the life of each respective financing.
(3)
Represents the stated coupon rate of the notes. We have entered into an interest rate swap that effectively converts
our fixed rate exposure to a SOFR + 3.95% floating rate exposure.
Refer to
Note 12
to our consolidated financial
statements for additional information.
(4)
The conversion price of the Convertible Notes is
$36.27
, which represents the price of class A common stock per
share based on a conversion rate of
27.5702
. The conversion rate represents the number of shares of class A
common stock issuable per $1,000 principal amount of Convertible Notes. The cumulative dividend threshold has
not
been exceeded as of
March 31, 2025
.
Refer to
Note 2
,
Note 11
,
Note 12
, and
Note 13
to our consolidated financial statements for additional discussion of our
Term Loans, Senior Secured Notes, and Convertible Notes.
Floating Rate Portfolio
Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates
will decrease net income. As of
March 31, 2025
,
substantially all of our loans by principal balance
earned a floating rate of
interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is
positively correlated to rising interest rates, subject to the impact of interest rate floors on certain of our floating rate loans.
Our liabilities are generally currency and index-matched to each collateral asset, resulting in a net exposure to movements
in benchmark rates that varies by currency silo based on the relative proportion of floating rate assets and liabilities.
67
The following table details our investment portfolio's exposure to interest rates by currency as of
March 31, 2025
(amounts
in thousands):
USD
GBP
EUR
All Other
(1)
Floating rate loans
(2)(3)(4)(5)
$
9,989,021
£
2,248,036
€
2,222,792
$
2,015,401
Floating rate portfolio financings
(2)(4)(6)
(7,398,825)
(1,781,834)
(1,625,280)
(1,617,099)
Floating rate corporate financings
(7)
(2,210,747)
—
—
—
Net floating rate exposure
$
379,449
£
466,202
€
597,512
$
398,302
Net floating rate exposure in USD
(8)
$
379,449
$
602,240
$
646,270
$
398,302
(1)
Includes Australian Dollar, Canadian Dollar, Swedish Krona, and Swiss Franc currencies.
(2)
Our floating rate loans and related liabilities are currency and index-matched to the applicable benchmark rate
relevant in each arrangement.
(3)
Excludes
$1.5 billion
of floating rate impaired loans.
(4)
Excludes
$101.7 million
of loan participations sold, as of
March 31, 2025
. Our loan participations sold are
structurally non-recourse and term-matched to the corresponding loans, and have no impact on our net floating rate
exposure.
(5)
Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers'
exposure to an increase in interest rates
.
(6)
Includes amounts outstanding under secured debt, securitizations, and asset-specific debt.
(7)
Includes amounts outstanding under Term Loans and the
senior secured notes due 2029
. In connection with the
issuance of the
senior secured notes due 2029
, we entered into an interest rate swap with a notional amount of
$450.0 million
to effectively convert our fixed rate exposure to floating rate exposure for such notes.
(8)
Represents the U.S. dollar equivalent as of
March 31, 2025
.
In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,
there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the
cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may
contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate
stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an
interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest
guarantees or other structural protections.
During the
three months ended
March 31, 2025
, interest rate caps on
$2.6 billion
of performing loans, with a
3.7%
weighted-average strike price, expired and
100%
were replaced with new interest rate
caps, with a weighted-average strike price of
3.8%
, or interest guarantees
68
III. Our Results of Operations
Operating Results
The following table sets forth information regarding our consolidated results of operations for the
three months ended
March 31, 2025
and
December 31, 2024
($ in thousands, except per share data):
Three Months Ended
Change
March 31, 2025
December 31, 2024
$
Income from loans and other investments
Interest and related income
$
332,057
$
386,676
$
(54,619)
Less: Interest and related expenses
242,233
285,118
(42,885)
Income from loans and other investments, net
89,824
101,558
(11,734)
Revenue from real estate owned
37,033
11,826
25,207
Other income
90
1,064
(974)
Total net revenues
126,947
114,448
12,499
Expenses
Management and incentive fees
17,235
18,534
(1,299)
General and administrative expenses
12,664
13,111
(447)
Expenses from real estate owned
46,302
18,413
27,889
Other expenses
—
5,663
(5,663)
Total expenses
76,201
55,721
20,480
Increase in current expected credit loss reserve
(49,505)
(19,055)
(30,450)
Loss from unconsolidated entities
(874)
(2,748)
1,874
Income before income taxes
367
36,924
(36,557)
Income tax provision (benefit)
718
(458)
1,176
Net (loss) income
(351)
37,382
(37,733)
Net income attributable to non-controlling interests
(6)
(192)
186
Net (loss) income attributable to Blackstone Mortgage Trust, Inc.
$
(357)
$
37,190
$
(37,547)
Net (loss) income per share of common stock, basic and diluted
$
(0.00)
$
0.21
$
(0.21)
Weighted-average shares of common stock outstanding, basic and
diluted
172,004,888
173,488,888
(1,484,000)
Dividends declared per share
$
0.47
$
0.47
$
—
Income from loans and other investments, net
Income from loans and other investments, net
decrease
d
$11.7 million
during the
three months ended
March 31, 2025
compared to the
three months ended
December 31, 2024
. The
decrease
was primarily due to (i) a decrease in the weighted-
average principal balance of our loan portfolio by
$2.2 billion
during the
three months ended
March 31, 2025
, and (ii) a
decrease in average floating rate indices quarter-over-quarter. This was partially offset by a decrease in the weighted-
average principal balance of our outstanding financing arrangements by
$1.5 billion
for the
three months ended
March 31,
2025
compared to the
three months ended
December 31, 2024
.
Revenue from real estate owned
Revenue from REO increased by
$25.2 million
during the
three months ended
March 31, 2025
compared to the
three
months ended
December 31, 2024
. The increase was primarily due to the acquisition of
four
additional REO assets during
the
three months ended
December 31, 2024
, with the
three months ended
March 31, 2025
reflecting the first full quarter of
activity for these assets, as well as
one
additional REO asset acquired during the
three months ended
March 31, 2025
.
69
Other income
Other income relates to origination, servicing, and other fees recognized in connection with our Agency Multifamily
Lending Partnership.
Other income
decrease
d by
$974,000
during the
three months ended
March 31, 2025
compared to the
three months ended
December 31, 2024
,
as a result of the referral of
four
loans pursuant to the Agency Multifamily
Lending Partnership during the
three months ended
December 31, 2024
that were originated and sold by MTRCC, with no
corresponding loan referrals during the
three months ended
March 31, 2025
.
Expenses
Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses
from real estate owned, and other expenses.
Expenses
increase
d by
$20.5 million
during the
three months ended
March 31,
2025
compared to the
three months ended
December 31, 2024
primarily due to a
$27.9 million
increase
in expenses from
real estate owned as a result of the acquisition of
four
additional REO assets during the
three months ended
December 31,
2024
, with the
three months ended
March 31, 2025
representing the first full quarter of activity for these assets, as well as
the acquisition of
one
additional REO asset during the
three months ended
March 31, 2025
. This was partially offset by (i)
a
$5.7 million
decrease in other expenses, which represents a contingent liability related to the sale of a loan that was
recorded during the
three months ended
December 31, 2024
, and (ii) a
$1.3 million
decrease in management fees due to a
decrease in Distributable Earnings.
Changes in current expected credit loss reserve
During the
three months ended
March 31, 2025
, we recorded a
$49.5 million
increase
in our CECL reserves, as compared
to a
$19.1 million
increase during the
three months ended
December 31, 2024
. The increase during the
three months ended
March 31, 2025
is primarily due to: (i) an increase in our general CECL reserves as a result of
a change in the portfolio
mix, as loan repayments were offset by new originations, as well as changes in the historical loss rate
, and (ii)
one
additional loan that was impaired during the
three months ended
March 31, 2025
, which was secured by an office asset.
The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are
each determined individually as a result of changes in the specific credit quality factors for such loans. These factors
included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events
of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the
loan.
These increases were partially offset by a reversal of the asset-specific CECL reserve as a result of the resolution of
one impaired loan above our carrying value, as well as a net decrease in asset-specific CECL reserves on existing impaired
loans.
We
may be required to record further increases to our CECL reserves in the future, depending on the performance of our
portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our
loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market
conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected
to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of
such loans and to be concentrated in our loans receivable with a risk rating of "4" as of
March 31, 2025
.
Loss from unconsolidated entities
During the
three months ended
March 31, 2025
, we recorded an
$874,000
loss from unconsolidated entities compared to a
$2.7 million
loss during the
three months ended
December 31, 2024
. This decrease was primarily due to start-up costs
incurred during the during the
three months ended
December 31, 2024
, as well as income generated from new investments
during the
three months ended
March 31, 2025
.
Income tax provision
The income tax provision
increased
by
$1.2 million
during the
three months ended
March 31, 2025
compared to the
three
months ended
December 31, 2024
primarily due to a tax refund received in the prior period.
Dividends per share
During the
three months ended
March 31, 2025
, we declared dividends of $
0.47
per share, or
$80.6 million
in aggregate.
During the
three months ended
December 31, 2024
, we declared dividends of $
0.47
per share, or
$81.2 million
in
aggregate.
70
The following table sets forth information regarding our consolidated results of operations for the
three months ended
March 31, 2025
and
2024
($ in thousands, except per share data):
Three Months Ended March 31,
Change
2025
2024
$
Income from loans and other investments
Interest and related income
$
332,057
$
486,122
$
(154,065)
Less: Interest and related expenses
242,233
343,730
(101,497)
Income from loans and other investments, net
89,824
142,392
(52,568)
Revenue from real estate owned
37,033
—
37,033
Other income
90
—
90
Gain on extinguishment of debt
—
2,963
(2,963)
Total net revenues
126,947
145,355
(18,408)
Expenses
Management and incentive fees
17,235
18,927
(1,692)
General and administrative expenses
12,664
13,728
(1,064)
Expenses from real estate owned
46,302
—
46,302
Total expenses
76,201
32,655
43,546
Increase in current expected credit loss reserve
(49,505)
(234,868)
185,363
Loss from unconsolidated entities
(874)
—
(874)
Income (loss) before income taxes
367
(122,168)
122,535
Income tax provision
718
1,002
(284)
Net loss
(351)
(123,170)
122,819
Net income attributable to non-controlling interests
(6)
(668)
662
Net loss attributable to Blackstone Mortgage Trust, Inc.
$
(357)
$
(123,838)
$
123,481
Net loss per share of common stock, basic and diluted
$
(0.00)
$
(0.72)
$
0.72
Weighted-average shares of common stock outstanding, basic and
diluted
172,004,888
174,041,630
(2,037)
Dividends declared per share
$
0.47
$
0.62
$
(0.15)
Income from loans and other investments, net
Income from loans and other investments, net
decreased
$52.6
million during the
three months ended
March 31, 2025
compared to the
three months ended
March 31, 2024
. The
decrease
was primarily due to (i) a decrease in the weighted-
average principal balance of our loan portfolio by
$5.4 billion
during the
three months ended
March 31, 2025
compared to
the
three months ended
March 31, 2024
, (ii) a decline in interest income related to additional loans accounted for under the
cost-recovery method during the
three months ended
March 31, 2025
, and (iii) a decrease in average floating rate indices
during the
three months ended
March 31, 2025
compared to the
three months ended
March 31, 2024
. This was offset by a
decrease in the weighted-average principal balance of our outstanding financing arrangements by
$3.9 billion
during the
three months ended
March 31, 2025
compared to the
three months ended
March 31, 2024
.
Revenue from real estate owned
Revenue from REO
increased
by
$37.0 million
during the
three months ended
March 31, 2025
compared to the
three
months ended
March 31, 2024
due to the acquisition of
seven
additional REO assets
.
Gain on extinguishment of debt
Gain on extinguishment of debt de
creased
by
$3.0 million
during the
three months ended
March 31, 2025
compared to the
three months ended
March 31, 2024
. There was no debt repurchase activity during the
three months ended
March 31, 2025
.
During the
three months ended
March 31, 2024
we recognized a gain on extinguishment of debt of
$3.0 million
related to
71
the repurchase of an aggregate principal amount of
$26.2 million
of our
senior secured notes due 2027
at a weighted-
average price of
88%
.
Expenses
Expenses include management and incentive fees payable to our Manager, general and administrative expenses, expenses
from real estate owned, and other expenses.
Expenses
increased
by
$43.5 million
during the
three months ended
March 31,
2025
compared to the
three months ended
March 31, 2024
, primarily due to
$46.3 million
of expenses from real estate
owned, which relates to REO operating expenses and amortization and depreciation of REO assets. The increase was due to
the acquisition of
seven
additional REO assets. We did not incur any expenses from REO during the
three months ended
March 31, 2024
. This was partially offset by a
$1.7 million
decrease in management fees payable to our Manager, driven
primarily by lower Distributable Earnings, as well as a
$1.1 million
decrease
in general and administrative expenses
primarily due to a
$1.1 million
decrease in non-cash restricted stock amortization related to shares awarded under our long-
term incentive plans.
Changes in current expected credit loss reserve
During the
three months ended
March 31, 2025
, we recorded a
$49.5 million
increase
in our CECL reserves, as compared
to a
$234.9 million
increase during the
three months ended
March 31, 2024
. The increase during the
three months ended
March 31, 2025
is primarily due to: (i) an increase in our general CECL reserves as a result of
a change in the portfolio
mix, as loan repayments were offset by new originations, as well as changes in the historical loss rate
, and (ii)
one
additional loan that was impaired during the
three months ended
March 31, 2025
, which was secured by an office asset.
The office sector is generally facing reduced tenant and capital markets demand in recent years. These impairments are
each determined individually as a result of changes in the specific credit quality factors for such loans. These factors
included, among others, (i) the underlying collateral performance, (ii) discussions with the borrower, (iii) borrower events
of default, and (iv) other facts that impact the borrower's ability to pay the contractual amounts due under the terms of the
loan.
These increases were partially offset by a reversal of the asset-specific CECL reserve as a result of the resolution of
one impaired loan above our carrying value, as well as a net decrease in asset-specific CECL reserves on existing impaired
loans.
We
may be required to record further increases to our CECL reserves in the future, depending on the performance of our
portfolio and broader market conditions, and there may be volatility in the level of our CECL reserves. In particular, our
loans secured by office buildings have experienced higher levels of CECL reserves and may continue to do so if market
conditions relevant to office buildings do not improve. Any such reserve increases are difficult to predict, but are expected
to be primarily the result of incremental loan impairments resulting from changes in the specific credit quality factors of
such loans and to be concentrated in our loans receivable with a risk rating of "4" as of
March 31, 2025
.
Loss from unconsolidated entities
Loss from unconsolidated entities of
$874,000
represents our share of the loss incurred by our
Net Lease Joint Venture
.
There was no income or loss from unconsolidated entities during the
three months ended
March 31, 2024
.
Income tax provision
The income tax provision
decreased
by
$284,000
during the
three months ended
March 31, 2025
as compared to the
three
months ended
March 31, 2024
, due to a decrease in the income tax provisions related to our taxable REIT subsidiaries.
Dividends per share
During the
three months ended
March 31, 2025
, we declared dividends of
$0.47
per share, or
$80.6 million
in aggregate.
During the
three months ended
March 31, 2024
, we declared dividends of
$0.62
per share, or
$107.7 million
in aggregate.
IV. Liquidity and Capital Resources
Capitalization
We have capitalized our business to date primarily through the issuance and sale of shares of our class A common stock,
corporate debt, and asset-level financings. As of
March 31, 2025
, our capitalization structure included
$3.7 billion
of
common equity,
$2.8 billion
of corporate debt, and $
13.1 billion
of asset-level financings. Our
$2.8 billion
of corporate
72
debt includes
$1.8 billion
of Term Loan borrowings,
$785.3 million
of Senior Secured Notes, and
$266.2 million
of
Convertible Notes. Our
$13.1 billion
of asset-level financings includes
$10.0 billion
of secured debt,
$2.6 billion
of
securitizations, and
$494.1 million
of asset-specific debt, all of which are structured to produce term, currency, and index
matched funding with no margin call provisions based upon capital markets events.
As of
March 31, 2025
, we had
$1.6 billion
of liquidity that can be used to satisfy our short-term cash requirements and as
working capital for our business.
See Notes
7
,
8
,
9
,
10
,
11
,
12
, and
13
to our co
nsolidated financial statements for additional details regarding our secured
debt, securitized debt obligations, asset-specific debt, loan participations sold, Term Loans, Senior Secured Notes, and
Convertible Notes, respectively.
Debt-to-Equity Ratio and Total Leverage Ratio
The following table presents our debt-to-equity ratio and total leverage ratio:
March 31, 2025
December 31, 2024
Debt-to-equity ratios
(1)
Debt-to-equity ratio
(2)
3.4x
3.5x
Adjusted debt-to-equity ratio
(3)
2.8x
3.0x
Total leverage ratios
(1)
Total leverage ratio
(4)
4.1x
4.0x
Adjusted total leverage ratio
(5)
3.4x
3.4x
(1)
The debt and leverage amounts included in the calculations above use gross outstanding principal balances,
excluding any unamortized deferred financing costs and discounts.
(2)
Represents, in each case at period end, (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior
Secured Notes, and convertible notes, less cash, to (ii) total equity.
(3)
Represents, in each case at period end, (i) total outstanding secured debt, asset-specific debt, Term Loans, Senior
Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-GAAP financial
measure. Refer to "Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio" below for the definition of
Adjusted Equity and a reconciliation to total equity.
(4)
Represents, in each case at period end, (i) total outstanding secured debt, securitizations, asset-specific debt, Term
Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) total equity.
(5)
Represents, in each case at period end, (i) total outstanding secured debt, securitizations, asset-specific debt, Term
Loans, Senior Secured Notes, and convertible notes, less cash, to (ii) Adjusted Equity. Adjusted Equity is a non-
GAAP financial measure. Refer to "Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio" below for
the definition of Adjusted Equity and a reconciliation to total equity.
Adjusted Debt-to-Equity Ratio and Adjusted Total Leverage Ratio
Our adjusted debt-to-equity and total leverage ratios are measures that are not prepared in accordance with GAAP, as they
are calculated using Adjusted Equity, which we define as our total equity, excluding the aggregate CECL reserves on our
loans receivable and unfunded loan commitments.
We believe that Adjusted Equity provides meaningful information to consider in addition to our total equity determined in
accordance with GAAP in the context of assessing our debt-to-equity and total leverage ratios. The adjusted debt-to-equity
and total leverage ratios are metrics we use, in addition to our unadjusted debt-to-equity and total leverage ratios, when
evaluating our capitalization structure, as Adjusted Equity excludes the unrealized impact of our CECL reserves, which
may vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve. We believe
these ratios, and therefore our Adjusted Equity, are useful financial metrics for existing and potential future holders of our
class A common stock to consider when evaluating how our business is capitalized and the relative amount of leverage in
our business.
73
Adjusted Equity does not represent our total equity and should not be considered as an alternate to GAAP total equity. In
addition, our methodology for calculating Adjusted Equity may differ from methodologies employed by other companies
to calculate the same or similar supplemental measures, and accordingly, our reported Adjusted Equity may not be
comparable to the Adjusted Equity reported by other companies.
The following table provides a reconciliation of Adjusted Equity to our GAAP total equity ($ in thousands):
March 31, 2025
December 31, 2024
Total equity
$
3,688,718
$
3,794,189
Add back: aggregate CECL reserves
754,176
746,495
Adjusted Equity
$
4,442,894
$
4,540,684
Sources of Liquidity
Our primary sources of liquidity include cash and cash equivalents, available borrowings under our secured debt facilities,
and net receivables from servicers related to loan repayments, which are set forth in the following table ($ in thousands):
March 31, 2025
December 31, 2024
Cash and cash equivalents
$
668,563
$
323,483
Available borrowings under secured debt
915,741
1,111,206
Loan principal payments held by servicer, net
(1)
327
74,313
$
1,584,631
$
1,509,002
(1)
Represents loan principal payments held by our third-party servicer as of the balance sheet date which were remitted
to us during the subsequent remittance cycle, net of the related secured debt balance.
During the
three months ended
March 31, 2025
, we generated cash flow from
operating activities of
$100.5 million
and
received
$1.8 billion
from loan principal collections, sales proceeds, and cost-recovery proceeds.
Furthermore, we are able
to generate incremental liquidity through the replenishment provisions of certain of our CLOs, which allow us to replace a
repaid loan in the CLO by increasing the principal amount of existing CLO collateral assets to maintain the aggregate
amount of collateral assets in the CLO, and the related financing outstanding.
We have access to further liquidity through public and private offerings of equity and debt securities, syndicated term
loans, and similar transactions. To facilitate public offerings, in July 2022, we filed a shelf registration statement with the
SEC that is effective for a term of three years and expires in July 2025. The amount of securities to be issued pursuant to
this shelf registration statement was not specified when it was filed and there is no specific dollar limit on the amount of
securities we may issue. The securities covered by this registration statement include: (i) class A common stock; (ii)
preferred stock; (iii) depositary shares representing preferred stock; (iv) debt securities; (v) warrants; (vi) subscription
rights; (vii) purchase contracts; and (viii) units consisting of one or more of such securities or any combination of these
securities. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described
in detail in a prospectus supplement, or other offering materials, at the time of any offering.
We may also access liquidity through our dividend reinvestment plan and direct stock purchase plan, under which
9,968,032
shares of class A common stock were available for issuance as of
March 31, 2025
, and our at the market stock
offering program, pursuant to which we may sell, from time to time, up to
$480.9 million
of additional shares of our class
A common stock as of
March 31, 2025
. Refer to
Note 15
to our consolidated financial statements for additional details.
Uses of Liquidity
In addition to funding our lending and other investment activity and our general operating expenses, our primary uses of
liquidity include interest and principal payments with respect to our
$10.0 billion
of outstanding borrowings under secured
debt, our asset-specific debt, our Term Loans, our Senior Secured Notes, and our Convertible Notes.
In July 2024, our board of directors authorized the repurchase of up to
$150.0 million
of our class A common stock. Under
the repurchase program, repurchases may be made from time to time in open market transactions, in privately negotiated
transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and 10b5-1 under the
74
Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a variety of factors, including
legal requirements, price and economic and market conditions. The repurchase program may be changed, suspended or
discontinued at any time and does not have a specified expiration date.
During the
three months ended
March 31, 2025
, we repurchased
1,792,836
shares of class A common stock at a weighted-
average price per share of
$17.63
, for a total cost of
$31.6 million
. As of
March 31, 2025
, the amount remaining available
for repurchases under the program was
$89.2 million
.
From time to time we have repurchased and may continue to repurchase our outstanding debt or shares of our class A
common stock. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements,
contractual restrictions, and other factors. The amounts involved in any such purchase transactions, individually or in the
aggregate, may be material.
As of
March 31, 2025
, we had unfunded commitments of
$1.0 billion
related to
57
loans receivable and
$520.2 million
of
committed or identified financing for those commitments resulting in net unfunded commitments of
$513.0 million
.
The
unfunded loan commitments comprise funding for capital expenditures and construction, leasing costs, and interest and
carry costs. Loan funding commitments are generally subject to certain conditions, including, without limitation, the
progress of capital projects, leasing, and cash flows at the properties securing our loans.
Therefore, the exact timing and
amounts of such future loan fundings are uncertain and will depend on the current and future performance of the
underlying collateral assets. We expect to fund our loan commitments over the remaining term of the related loans, which
have a weighted-average future funding period of
2.3 years
.
75
Contractual Obligations and Commitments
Our contractual obligations and commitments as of
March 31, 2025
were as follows ($ in thousands):
Payment Timing
Total
Obligation
Less Than
1 Year
(1)
1 to 3
Years
3 to 5
Years
More Than
5 Years
Unfunded loan commitments
(2)
$
1,033,229
$
299,708
$
349,070
$
384,451
$
—
Principal repayments under secured debt
(3)
10,011,541
1,456,545
6,509,208
2,044,905
883
Principal repayments under asset-specific debt
(3)
494,081
—
—
494,081
—
Principal repayments of term loans
(4)
1,760,748
14,759
338,784
1,407,205
—
Principal repayments of senior secured notes
785,316
—
335,316
450,000
—
Principal repayments of convertible notes
(5)
266,157
—
266,157
—
—
Interest payments
(3)(6)
2,113,594
805,088
982,604
325,896
6
Total
(7)
$
16,464,666
$
2,576,100
$
8,781,139
$
5,106,538
$
889
(1)
Represents known and estimated short-term cash requirements related to our contractual obligations and
commitments. Refer to "Sources of Liquidity" above for information about our sources of funds to satisfy our short-
term cash requirements.
(2)
The allocation of our unfunded loan commitments is based on the earlier of the commitment expiration date or the
final loan maturity date, however we may be obligated to fund these commitments earlier than such date.
(3)
Our secured debt and asset-specific debt agreements are generally term-matched to their underlying collateral.
Therefore, the allocation of both principal and interest payments under such agreements is generally allocated based
on the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
In limited instances, the maturity date of the respective debt agreement is used.
(4)
The Term Loans are partially amortizing, with an amount equal to
1.0%
per annum of the initial principal balance
due in quarterly installments. Refer to
Note 11
to our consolidated financial statements for further details on our
Term Loans.
(5)
Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer
to
Note 13
to our consolidated financial statements for further details on our Convertible Notes.
(6)
Represents interest payments on our secured debt, asset-specific debt, Term Loans, Senior Secured Notes, and
convertible notes. Future interest payment obligations are estimated assuming the interest rates in effect as of
March 31, 2025
will remain constant into the future. This is only an estimate as actual amounts borrowed and
interest rates will vary over time.
(7)
Total does not include
$2.6 billion
of consolidated securitized debt obligations,
$845.8 million
of non-consolidated
senior interests, and
$101.7 million
of loan participations sold, as the satisfaction of these liabilities will not require
cash outlays from us.
We are also required to settle our foreign exchange and interest rate derivatives with our derivative counterparties upon
maturity which, depending on foreign currency exchange and interest rate movements, may result in cash received from or
due to such counterparties. The table above does not include these amounts as they are not fixed and determinable. Refer to
Note 14
to our consolidated financial statements for details regarding our derivative contracts.
We are required to pay our Manager a base management fee, an incentive fee, and reimbursements for certain expenses
pursuant to our Management Agreement. The table above does not include the amounts payable to our Manager under our
Management Agreement as they are not fixed and determinable. Refer to
Note 16
to our consolidated financial statements
for additional terms and details of the fees payable under our Management Agreement.
As a REIT, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends
to comply with the REIT provisions of the Internal Revenue Code. Our taxable income does not necessarily equal our net
income as calculated in accordance with GAAP, or our Distributable Earnings as described above.
76
Cash Flows
The following table provides a breakdown of the net change in our cash and cash equivalents ($ in thousands):
Three Months Ended March 31,
2025
2024
Cash flows provided by operating activities
$
100,516
$
94,610
Cash flows provided by investing activities
260,939
376,316
Cash flows used in financing activities
(18,142)
(404,343)
Net (decrease) increase in cash and cash equivalents
$
343,313
$
66,583
We experienced a net
increase
in cash and cash equivalents of
$343.3 million
for the
three months ended
March 31, 2025
,
compared to a net
increase
of
$66.6 million
for the
three months ended
March 31, 2024
. During the
three months ended
March 31, 2025
, we (i) received
$1.8 billion
from loan principal collections and sales proceeds,
(ii) received
$831.3 million
of net proceeds from the issuance of a securitized debt obligation, and (iii) received a net
$124.4 million
under our secured
debt borrowings
. Also, during the
three months ended
March 31, 2025
, we (i) funded
$1.7 billion
of loans, (ii) repaid a net
$732.3 million
of asset-specific financings, and (iii) paid
$81.2 million
of dividends on our class A common stock.
Refer to
Note 3
to our consolidated financial statements for further discussion of our loan activity. Refer to Notes
7
,
8
, and
15
to our consolidated financial statements for additional discussion of our secured debt, securitized debt obligations, and
equity, respectively.
V. Other Items
Income Taxes
We have elected to be taxed as a REIT under the Internal Revenue Code for U.S. federal income tax purposes. We
generally must distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any
net capital gain, in order for U.S. federal income tax not to apply to our earnings. To the extent that we satisfy this
distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income
tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual
amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal
tax laws.
Our qualification as a REIT also depends on our ability to meet various other requirements imposed by the Internal
Revenue Code, which relate to organizational structure, diversity of stock ownership, and certain restrictions with regard to
the nature of our assets and the sources of our income. Even if we qualify as a REIT, we may be subject to certain U.S.
federal income and excise taxes and state and local taxes on our income and assets. If we fail to maintain our qualification
as a REIT for any taxable year, we may be subject to material penalties as well as federal, state, and local income tax on
our taxable income at regular corporate rates and we would not be able to qualify as a REIT for the subsequent four full
taxable years.
As of
March 31, 2025
and
December 31, 2024
, we were in compliance with all REIT requirements.
Furthermore, our taxable REIT subsidiaries are subject to federal, state, and local income tax on their net taxable income.
Refer to
Note 17
to our consolidated financial statements for additional discussion of our income taxes.
Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial
statements, which have been prepared in accordance with GAAP. The preparation of these financial statements requires our
Manager to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses,
and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates. During
2025
, our
Manager reviewed and evaluated our critical accounting policies and believes them to be appropriate. The following is a
summary of our significant accounting policies that we believe are the most affected by our Manager's judgments,
estimates, and
assumptions
:
77
Current Expected Credit Losses
The current expected credit loss, or CECL, reserve required under the FASB Accounting Standards Codification, or ASC,
Topic 326 "Financial Instruments – Credit Losses," or ASC 326, reflects our current estimate of potential credit losses
related to our portfolio. We estimate our CECL reserves primarily using the Weighted-Average Remaining Maturity, or
WARM method, which has been identified as an acceptable loss-rate method for estimating CECL reserves in the Financial
Accounting Standards Board Staff Q&A Topic 326, No. 1. Estimating the CECL reserve requires judgment, including the
following assumptions:
•
Historical loan loss reference data
: To estimate the historic loan losses relevant to our portfolio, we have
augmented our historical loan performance with market loan loss data licensed from Trepp LLC. This database
includes commercial mortgage-backed securities, or CMBS, issued since January 1, 1999 through
February 28,
2025
. Within this database, we focused our historical loss reference calculations on the most relevant subset of
available CMBS data, which we determined based on loan metrics that are most comparable to our loan portfolio
including asset type, geography, and origination loan-to-value, or LTV. We believe this CMBS data, which
includes month-over-month loan and property performance, is the most relevant, available, and comparable
dataset to our portfolio.
•
Expected timing and amount of future loan fundings and repayments
: Expected credit losses are estimated over
the contractual term of each loan, adjusted for expected repayments. As part of our quarterly review of our loan
portfolio, we assess the expected repayment date of each loan, which is used to determine the contractual term for
purposes of computing our CECL reserves. Additionally, the expected credit losses over the contractual period of
our loans are subject to the obligation to extend credit through our unfunded loan commitments. The CECL
reserve for unfunded loan commitments is adjusted quarterly, as we consider the expected timing of future
funding obligations over the estimated life of the loan. The considerations in estimating our CECL reserve for
unfunded loan commitments are similar to those used for the related outstanding loans receivable.
•
Current credit quality of our portfolio
: Our risk rating is our primary credit quality indicator in assessing our
CECL reserves. We perform a quarterly risk review of our portfolio of loans and assign each loan a risk rating
based on a variety of factors, including, without limitation, origination LTV, debt yield, property type, geographic
and local market dynamics, physical condition, cash flow volatility, leasing and tenant profile, loan structure and
exit plan, and project sponsorship.
•
Expectations of performance and market conditions
: Our CECL reserves are adjusted to reflect our estimation of
the current and future economic conditions that impact the performance of the commercial real estate assets
securing our loans. These estimations include unemployment rates, interest rates, expectations of inflation and/or
recession, and other macroeconomic factors impacting the likelihood and magnitude of potential credit losses for
our loans during their anticipated term. In addition to the CMBS data we have licensed from Trepp LLC, we have
also licensed certain macroeconomic financial forecasts to inform our view of the potential future impact that
broader economic conditions may have on our loan portfolio's performance. We generally also incorporate
information from other sources, including information and opinions available to our Manager, to further inform
these estimations. This process requires significant judgments about future events that, while based on the
information available to us as of the balance sheet date, are ultimately indeterminate and the actual economic
condition impacting our portfolio could vary significantly from the estimates we made as of
March 31, 2025
.
•
Impairment
:
impairment is indicated when it is deemed probable that we will not be able to collect all amounts
due to us pursuant to the contractual terms of the loan. Determining that a loan is impaired requires significant
judgment from management and is based on several factors including (i) the underlying collateral performance,
(ii) discussions with the borrower, (iii) borrower events of default, and (iv) other facts that impact the borrower's
ability to pay the contractual amounts due under the terms of the loan. If a loan is determined to be impaired, we
record the impairment as a component of our CECL reserves by applying the practical expedient for collateral
dependent loans. The CECL reserves are assessed on an individual basis for these loans by comparing the
estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These
valuations require significant judgments, which include assumptions regarding capitalization rates, discount rates,
leasing, creditworthiness of major tenants, occupancy rates, availability and cost of financing, exit plan, loan
sponsorship, actions of other lenders, and other factors deemed relevant by us. Actual losses, if any, could
ultimately differ materially from these estimates. We only expect to charge-off the impairment losses in our
consolidated financial statements prepared in accordance with GAAP if and when such amounts are deemed non-
recoverable. This is generally at the time a loan is repaid or foreclosed. However, non-recoverability may also be
concluded if, in our determination, it is nearly certain that all amounts due will not be collected.
These assumptions vary from quarter-to-quarter as our loan portfolio changes and market and economic conditions evolve.
The sensitivity of each assumption and its impact on the CECL reserves may change over time and from period to period.
78
During the
three months ended
March 31, 2025
, our CECL reserves
increase
d by
$7.7 million
, bringing our total reserves
to
$754.2 million
as of
March 31, 2025
. See Notes
2
and
3
to our consolidated financial statements for further discussion of
our CECL reserves.
Revenue Recognition
Interest income from our loans receivable portfolio is recognized over the life of each investment using the effective
interest method and is recorded on the accrual basis. Recognition of fees, premiums, and discounts associated with these
investments is deferred and recorded over the term of the loan as an adjustment to yield. Income accrual is generally
suspended for loans at the earlier of the date at which payments become 90 days past due or when, in our opinion, recovery
of income and principal becomes doubtful. Interest received is then recorded as income or as a reduction in the amortized
cost basis, based on the specific facts and circumstances, until accrual is resumed when the loan becomes contractually
current and performance is demonstrated to be resumed. In addition, for loans we originate, the related origination expenses
are deferred and recognized as a reduction to interest income, however expenses related to loans we acquire are included in
general and administrative expenses as incurred.
Real Estate Owned
We may assume legal title or physical possession of the collateral underlying a loan through a foreclosure, a deed-in-lieu of
foreclosure transaction, or a loan modification in which we receive an equity interest in and/or control over decision-
making at the property, resulting in us consolidating the real estate assets as VIEs. These real estate acquisitions are
classified as real estate owned, or REO, on our consolidated balance sheet and are initially recognized at fair value on the
acquisition date in accordance with the ASC Topic 805, "Business Combinations."
Upon acquisition of REO, we assess the fair value of acquired tangible and intangible assets, which may include land,
buildings, tenant improvements, "above-market" and "below-market" leases, acquired in-place leases, other identified
intangible assets and assumed liabilities, as applicable, and allocate the fair value to the acquired assets and assumed
liabilities.
We assess and consider fair value based on estimated cash flow projections that utilize discount and/or
capitalization rates that we deem appropriate, as well as other available market information. Estimates of future cash flows
are based on a number of factors including the historical operating results, known and anticipated trends, and market and
economic conditions.
We capitalize acquisition-related costs associated with asset acquisitions.
Real estate assets held for investment, except for land, are depreciated using the straight-line method over the assets'
estimated useful lives of up to
40
years for buildings and
10
years for tenant improvements. Renovations and/or
replacements that improve or extend the life of the asset are capitalized and depreciated over their estimated useful lives.
Lease intangibles are amortized over the remaining term of applicable leases on a straight-line basis. The cost of ordinary
repairs and maintenance are expensed as incurred.
Real estate assets held for investment are assessed for impairment on a quarterly basis. If the depreciated cost basis of the
asset exceeds the undiscounted cash flows over the remaining holding period, the asset is considered for impairment. The
impairment loss is recognized when the carrying value of the real estate assets exceed their fair value.
The evaluation of
anticipated future cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental
rates, capital requirements and anticipated holding periods that could differ materially from actual results.
Real estate assets are classified as held for sale in the period when they meet the criteria under ASC Topic 360 "Property,
Plant, and Equipment." Once a real estate asset is classified as held for sale, depreciation is suspended and the asset is
reported at the lower of its carrying value or fair value less cost to sell. If circumstances arise and we decide not to sell a
real estate asset previously classified as held for sale, the real estate asset is reclassified as held for investment. Upon
reclassification, the real estate asset is measured at the lower of (i) its carrying amount prior to classification as held for
sale, adjusted for depreciation expense that would have been recognized had the real estate been classified as held for
investment, and (ii) its estimated fair value at the time of reclassification.
As of
March 31, 2025
, we had
eight
REO assets which were all classified as held for investment
.
79
VI. Loan Portfolio Details
The following table provides details of our loan portfolio, on a loan-by-loan basis, as of
March 31, 2025
($ in millions):
Senior Loan Portfolio
(1)
Property Type
Location
Origination
Date
(2)
Total
Commitment
(3)
Principal
Balance
Net Book
Value
(4)
Cash
Coupon
(5)
All-in
Yield
(5)
Maximum
Maturity
(6)
Loan Per
SQFT / Unit /
Key
Origination
LTV
(2)
Risk
Rating
1
Mixed-Use
Dublin, IE
8/14/2019
$
972
$
913
$
910
+3.20
%
+3.95
%
1/29/2027
$267 / sqft
74
%
3
2
Hospitality
Diversified, AU
6/24/2022
827
827
822
+4.75
%
+5.07
%
6/21/2029
$376 / sqft
59
%
3
3
Mixed-Use
Diversified, Spain
3/22/2018
529
529
529
+3.25
%
+3.31
%
3/15/2026
n / a
71
%
4
4
Multifamily
New York
7/23/2021
480
475
474
+3.60
%
+4.04
%
8/9/2027
$637,813 / unit
58
%
2
5
Industrial
Diversified, SE
3/30/2021
475
475
473
+3.20
%
+3.41
%
5/15/2026
$91 / sqft
76
%
2
6
Self-Storage
Diversified, CAN
2/20/2025
434
434
434
+3.50
%
+3.50
%
2/9/2030
$151 / sqft
58
%
3
7
Mixed-Use
Austin
6/28/2022
675
421
415
+4.60
%
+5.07
%
7/9/2029
$349 / sqft
53
%
3
8
Mixed-Use
New York
12/9/2021
385
380
380
+2.76
%
+3.00
%
12/9/2026
$130 / sqft
50
%
2
9
Hospitality
Diversified, EUR
7/15/2021
315
315
315
+4.25
%
+4.76
%
7/16/2026
$240,739 / key
53
%
3
10
Multifamily
London, UK
12/23/2021
333
313
308
+4.25
%
+4.96
%
6/24/2028
$345,959 / unit
59
%
3
11
Office
Chicago
12/11/2018
356
304
305
+1.75
%
+1.76
%
12/9/2026
$254 / sqft
78
%
4
12
Industrial
Diversified, UK
5/6/2022
295
295
294
+3.50
%
+3.79
%
5/6/2027
$93 / sqft
53
%
2
13
Office
Washington, DC
9/29/2021
293
288
287
+2.81
%
+3.07
%
10/9/2026
$375 / sqft
66
%
2
14
Hospitality
New York
11/30/2018
286
286
247
+2.43
%
+2.43
%
8/9/2025
$306,870 / key
n/m
5
15
Multifamily
Dallas
9/30/2021
277
277
277
+2.61
%
+2.88
%
9/30/2026
$146,437 / unit
74
%
3
16
Other
Diversified, UK
1/11/2019
276
276
276
+5.13
%
+5.06
%
6/14/2028
$273 / sqft
74
%
3
17
Multifamily
New York
2/27/2020
273
270
269
+2.70
%
+2.83
%
1/9/2027
$709,360 / unit
59
%
3
18
Office
London, UK
3/17/2022
280
262
262
(7)
+2.85
%
+3.00
%
6/30/2025
$819 / sqft
50
%
3
19
Office
Seattle
1/26/2022
338
257
255
+4.10
%
+4.74
%
2/9/2027
$538 / sqft
56
%
3
20
Multifamily
Dallas
9/14/2021
255
255
255
+2.61
%
+2.86
%
9/14/2026
$206,610 / unit
72
%
3
21
Office
New York
4/11/2018
243
243
241
+2.25
%
+2.62
%
3/7/2028
$308 / sqft
52
%
4
22
Multifamily
Reno
2/23/2022
245
235
234
+2.60
%
+2.84
%
3/9/2027
$217,893 / unit
74
%
3
23
Multifamily
London, UK
7/16/2021
236
227
226
+3.25
%
+3.51
%
2/15/2027
$232,737 / unit
69
%
3
24
Mixed-Use
New York
12/22/2016
252
222
216
+10.50
%
+10.50
%
6/9/2028
$313 / sqft
n/m
5
25
Office
London, UK
6/28/2019
212
212
212
+4.00
%
+4.74
%
6/26/2026
$508 / sqft
71
%
3
26
Office
Berlin, DEU
6/27/2019
207
207
207
+2.80
%
+2.93
%
8/15/2026
$436 / sqft
62
%
4
27
Industrial
London, UK
7/29/2022
205
199
199
+4.60
%
+5.60
%
7/27/2027
$263 / sqft
52
%
3
28
Industrial
Diversified, UK
3/28/2025
198
198
196
+2.45
%
+2.74
%
3/28/2030
$124 / sqft
69
%
3
29
Multifamily
Boca Raton
9/30/2021
195
195
195
(7)
+7.96
%
+7.96
%
10/9/2026
$396,175 / unit
58
%
3
30
Office
New York
7/23/2021
244
184
184
-1.30
%
(8)
-0.92
%
8/9/2028
$596 / sqft
53
%
4
80
Senior Loan Portfolio
(1)
Property Type
Location
Origination
Date
(2)
Total
Commitment
(3)
Principal
Balance
Net Book
Value
(4)
Cash
Coupon
(5)
All-in
Yield
(5)
Maximum
Maturity
(6)
Loan Per
SQFT / Unit /
Key
Origination
LTV
(2)
Risk
Rating
31
Office
Denver
2/15/2022
$
191
$
182
$
168
+2.90
%
+2.90
%
3/9/2027
$362 / sqft
n/m
5
32
Life Sciences
Boston
5/13/2021
199
179
179
+3.66
%
+3.92
%
6/9/2026
$910 / sqft
64
%
4
33
Multifamily
Dallas
1/27/2022
178
178
178
+3.10
%
+3.66
%
2/9/2027
$116,020 / unit
71
%
4
34
Retail
Diversified, UK
3/9/2022
174
174
174
+2.95
%
+3.17
%
8/15/2027
$148 / sqft
55
%
2
35
Industrial
Diversified, US
2/13/2025
189
170
168
+3.10
%
+3.48
%
3/9/2030
$712,605 / acre
62
%
3
36
Hospitality
Diversified, Spain
9/30/2021
185
168
167
+4.00
%
+4.67
%
9/30/2026
$144,944 / key
60
%
3
37
Office
Atlanta
5/27/2021
184
163
162
+2.31
%
+2.31
%
6/9/2026
$137 / sqft
n/m
5
38
Industrial
London, UK
12/21/2021
160
160
160
+2.83
%
+3.15
%
4/29/2027
$324 / sqft
67
%
3
39
Mixed-Use
New York
1/17/2020
203
158
158
+3.12
%
+7.15
%
4/25/2025
$130 / sqft
43
%
3
40
Hospitality
Los Angeles
3/7/2022
156
156
156
+3.45
%
+3.66
%
6/9/2026
$624,000 / key
64
%
3
41
Hospitality
New York
6/4/2018
153
153
153
+4.00
%
+4.24
%
6/9/2025
$251,647 / key
52
%
2
42
Office
Fort Lauderdale
1/7/2022
155
152
151
+3.70
%
+3.94
%
1/9/2027
$392 / sqft
55
%
1
43
Self-Storage
London, UK
11/18/2021
146
146
146
+3.25
%
+3.51
%
11/18/2026
$181 / sqft
65
%
2
44
Office
London, UK
12/20/2019
145
145
145
+3.22
%
+3.22
%
4/18/2025
$736 / sqft
n/m
5
45
Office
Miami
12/10/2021
135
135
135
+3.11
%
+3.36
%
1/9/2027
$452 / sqft
49
%
2
46
Multifamily
Diversified, AU
1/10/2025
134
134
133
+3.85
%
+4.52
%
1/10/2028
$404,550 / unit
76
%
3
47
Multifamily
Dublin, IE
12/15/2021
136
134
134
+2.75
%
+3.00
%
12/9/2026
$335,410 / unit
79
%
3
48
Office
San Jose
8/24/2021
156
133
133
+2.71
%
+2.98
%
9/9/2026
$318 / sqft
65
%
4
49
Office
Diversified, UK
11/23/2018
129
129
128
+3.50
%
+3.74
%
11/15/2029
$952 / sqft
50
%
3
50
Multifamily
San Bernardino
9/14/2021
128
127
127
+2.81
%
+3.05
%
10/9/2026
$255,362 / unit
75
%
3
51
Office
Miami
3/28/2022
130
127
126
+2.55
%
+2.80
%
4/9/2027
$334 / sqft
69
%
3
52
Office
San Jose
5/20/2021
150
126
109
+8.76
%
+8.76
%
8/9/2025
$323 / sqft
n/m
5
53
Multifamily
Miami
11/27/2024
125
125
124
+2.80
%
+3.17
%
12/9/2029
$260,417 / unit
71
%
3
54
Retail
San Diego
8/27/2021
122
121
121
+3.11
%
+3.35
%
9/9/2026
$459 / sqft
58
%
3
55
Multifamily
Miami
6/1/2021
120
120
120
+2.96
%
+3.11
%
6/9/2026
$298,507 / unit
61
%
2
56
Hospitality
Napa Valley
4/29/2022
118
118
118
+3.50
%
+3.77
%
2/18/2027
$1,240,799 / key
66
%
3
57
Office
Houston
7/15/2019
136
116
115
+3.01
%
+3.22
%
8/9/2028
$209 / sqft
58
%
4
58
Multifamily
Diversified, UK
3/29/2021
112
112
112
+4.02
%
+4.28
%
3/29/2026
$48,954 / unit
61
%
3
59
Multifamily
Phoenix
12/29/2021
110
110
110
+2.85
%
+3.02
%
1/9/2027
$189,003 / unit
64
%
3
60
Mixed-Use
New York
3/10/2020
109
109
109
+3.00
%
+3.00
%
7/11/2029
$666 / sqft
48
%
3
81
Senior Loan Portfolio
(1)
Property Type
Location
Origination
Date
(2)
Total
Commitment
(3)
Principal
Balance
Net Book
Value
(4)
Cash
Coupon
(5)
All-in
Yield
(5)
Maximum
Maturity
(6)
Loan Per
SQFT / Unit /
Key
Origination
LTV
(2)
Risk
Rating
61
Hospitality
Honolulu
3/13/2018
$
108
$
108
$
108
+3.11
%
+3.36
%
4/9/2027
$166,803 / key
50
%
3
62
Hospitality
Diversified, Spain
9/23/2019
113
107
107
+3.50
%
+3.65
%
8/16/2027
$124,521 / key
62
%
2
63
Studio
Los Angeles
6/28/2019
106
106
105
+3.75
%
+4.03
%
2/1/2026
$531 / sqft
48
%
3
64
Multifamily
Tampa
2/15/2022
106
106
105
+2.85
%
+3.11
%
3/9/2027
$241,972 / unit
73
%
2
65
Office
Orange County
8/31/2017
105
105
105
+2.62
%
+2.62
%
9/9/2026
$162 / sqft
58
%
4
66
Office
Minneapolis
11/27/2019
104
102
98
+7.86
%
+7.86
%
7/9/2025
$93 / sqft
n/m
5
67
Office
Chicago
9/30/2021
100
100
100
5.00
%
5.00
%
10/9/2029
$111 / sqft
43
%
4
68
Hospitality
Honolulu
1/30/2020
99
99
99
+3.50
%
+3.55
%
2/9/2027
$270,109 / key
63
%
3
69
Industrial
New York
6/18/2021
99
99
98
+2.71
%
+2.95
%
7/9/2026
$51 / sqft
55
%
1
70
Multifamily
Miami
3/29/2022
97
97
98
+1.80
%
+2.69
%
4/9/2027
$271,118 / unit
75
%
4
71
Multifamily
San Antonio
3/20/2025
97
97
96
+2.80
%
+3.16
%
4/9/2030
$449,074 / unit
72
%
3
72
Multifamily
Phoenix
10/1/2021
97
97
97
+1.86
%
+2.79
%
10/1/2026
$223,410 / unit
77
%
4
73
Multifamily
Philadelphia
10/28/2021
96
96
95
+3.00
%
+3.24
%
11/9/2026
$352,399 / unit
79
%
3
74
Multifamily
Orlando
10/27/2021
93
93
93
+2.61
%
+2.81
%
11/9/2026
$155,612 / unit
75
%
3
75
Multifamily
Seattle
9/13/2024
94
93
92
+3.25
%
+4.11
%
11/9/2027
$500,796 / unit
68
%
3
76
Multifamily
Diversified, NL
3/27/2025
93
93
92
+2.70
%
+2.97
%
3/31/2028
$111,552 / unit
62
%
2
77
Hospitality
Boston
3/3/2022
92
92
92
+2.75
%
+2.99
%
3/9/2027
$418,182 / key
64
%
2
78
Office
Washington, DC
12/21/2021
103
92
92
+2.70
%
+2.94
%
1/9/2027
$315 / sqft
68
%
3
79
Industrial
Diversified, BE
3/7/2025
102
90
89
+2.75
%
+3.32
%
3/7/2030
$38 / sqft
57
%
3
80
Hospitality
San Francisco
10/16/2018
88
88
88
+7.36
%
+7.36
%
5/9/2025
$191,807 / key
n/m
5
81
Mixed-Use
San Francisco
6/14/2022
106
88
88
+2.95
%
+3.84
%
7/9/2027
$182 / sqft
76
%
4
82
Multifamily
St. Louis
6/25/2021
85
85
86
+2.86
%
+3.10
%
7/1/2026
$80,339 / unit
70
%
2
83
Multifamily
Charlotte
7/29/2021
82
82
82
+2.76
%
+3.01
%
8/9/2026
$223,735 / unit
78
%
3
84
Multifamily
Melbourne, AU
12/15/2021
81
81
81
+3.25
%
+3.54
%
12/15/2026
$59,452 / unit
38
%
1
85
Hospitality
Diversified, US
8/27/2021
79
78
78
+4.35
%
+4.59
%
9/9/2026
$116,529 / key
67
%
3
86
Multifamily
Tampa
12/21/2021
74
74
74
+2.70
%
+2.94
%
1/9/2027
$217,353 / unit
77
%
3
87
Industrial
Dublin, IE
8/17/2022
77
73
72
+3.35
%
+3.83
%
8/17/2027
$113 / sqft
72
%
3
88
Multifamily
Tacoma
10/28/2021
69
69
69
+2.66
%
+2.86
%
11/9/2026
$209,864 / unit
70
%
3
89
Hospitality
London, UK
8/16/2022
69
69
68
+4.75
%
+5.19
%
8/16/2027
$507,151 / key
64
%
3
90
Multifamily
Las Vegas
3/31/2022
70
65
65
+2.80
%
+3.14
%
4/9/2027
$143,130 / unit
71
%
3
82
Senior Loan Portfolio
(1)
Property Type
Location
Origination
Date
(2)
Total
Commitment
(3)
Principal
Balance
Net Book
Value
(4)
Cash
Coupon
(5)
All-in
Yield
(5)
Maximum
Maturity
(6)
Loan Per
SQFT / Unit /
Key
Origination
LTV
(2)
Risk
Rating
91
Multifamily
Salt Lake City
7/30/2021
$
62
$
62
$
62
+2.86
%
+3.06
%
8/9/2026
$224,185 / unit
73
%
3
92
Office
Los Angeles
4/6/2021
62
62
62
6.00
%
6.00
%
1/9/2030
$254 / sqft
65
%
3
93
Office
Nashville
6/30/2021
65
61
61
+2.95
%
+3.20
%
7/9/2026
$252 / sqft
71
%
4
94
Hospitality
Bermuda
4/26/2024
69
61
61
+4.95
%
+5.62
%
5/9/2029
$693,780 / key
39
%
2
95
Office
Fort Lauderdale
12/10/2020
61
60
60
+3.30
%
+3.54
%
1/9/2026
$209 / sqft
68
%
3
96
Multifamily
Phoenix
12/17/2021
58
58
58
+2.65
%
+2.85
%
1/9/2027
$209,601 / unit
69
%
3
97
Office
Miami
6/14/2021
58
58
58
+2.30
%
+2.30
%
3/9/2027
$122 / sqft
65
%
3
98
Multifamily
Atlanta
3/6/2025
55
55
55
+2.75
%
+3.11
%
3/9/2030
$187,075 / unit
66
%
3
99
Industrial
Minneapolis
12/12/2024
61
55
54
+2.85
%
+3.23
%
1/9/2030
$77 / sqft
59
%
3
100
Office
Denver
8/5/2021
56
54
54
+2.96
%
+3.21
%
8/9/2026
$205 / sqft
70
%
3
101
Industrial
Diversified, US
12/14/2018
54
54
54
+3.01
%
+3.35
%
1/9/2026
$40 / sqft
57
%
1
102
Multifamily
Los Angeles
7/28/2021
53
53
53
+2.75
%
+2.99
%
8/9/2026
$303,097 / unit
71
%
3
103
Office
Los Angeles
8/22/2019
53
53
53
+2.66
%
+2.91
%
3/9/2027
$306 / sqft
63
%
4
104
Self-Storage
Diversified, US
2/18/2025
53
53
52
+3.10
%
+3.47
%
3/9/2030
$92 / sqft
67
%
3
105
Office
Denver
4/7/2022
57
52
52
+3.25
%
+3.48
%
4/9/2027
$152 / sqft
59
%
3
106
Multifamily
Denver
3/19/2025
51
51
51
+2.60
%
+2.92
%
5/9/2030
$221,739 / unit
64
%
3
107
Hospitality
Waimea
2/27/2025
50
50
50
+2.80
%
+2.92
%
2/9/2030
$823,353 / key
52
%
3
108
Multifamily
Los Angeles
7/20/2021
48
48
48
+2.86
%
+3.11
%
8/9/2026
$366,412 / unit
60
%
3
109
Retail
Chicago
11/30/2016
55
46
46
+3.33
%
+3.82
%
12/9/2025
$804 / sqft
54
%
4
110
Multifamily
Columbus
12/8/2021
48
44
44
+2.75
%
+2.96
%
12/9/2026
$143,150 / unit
69
%
2
111
Multifamily
Dallas
12/29/2021
43
43
43
+3.05
%
+3.24
%
1/1/2027
$144,167 / unit
73
%
3
112
Multifamily
Las Vegas
7/29/2021
42
42
42
+2.86
%
+3.06
%
8/9/2026
$167,113 / unit
72
%
2
113
Multifamily
Las Vegas
3/31/2022
42
38
38
+2.80
%
+3.15
%
4/9/2027
$150,072 / unit
72
%
3
114
Multifamily
Austin
2/26/2021
36
36
36
+3.50
%
+3.74
%
3/9/2026
$196,228 / unit
64
%
1
115
Multifamily
New York
12/23/2021
35
35
35
+1.71
%
+2.61
%
11/15/2025
$172,182 / unit
68
%
1
116
Multifamily
Los Angeles
3/1/2022
35
35
35
+3.00
%
+3.24
%
3/9/2027
$372,340 / unit
72
%
3
117
Multifamily
Corvallis
12/23/2021
35
35
35
+2.76
%
+2.96
%
4/26/2025
$96,493 / unit
71
%
1
118
Office
New York
12/23/2021
35
35
35
+3.11
%
+3.33
%
2/1/2026
$247 / sqft
30
%
2
119
Multifamily
Chicago
11/19/2020
38
32
32
+3.50
%
+3.76
%
12/9/2025
$184,388 / unit
53
%
1
120
Multifamily
Atlanta
11/3/2021
32
32
32
+2.71
%
+2.96
%
11/9/2026
$182,093 / unit
53
%
3
83
Senior Loan Portfolio
(1)
Property Type
Location
Origination
Date
(2)
Total
Commitment
(3)
Principal
Balance
Net Book
Value
(4)
Cash
Coupon
(5)
All-in
Yield
(5)
Maximum
Maturity
(6)
Loan Per
SQFT / Unit /
Key
Origination
LTV
(2)
Risk
Rating
121
Office
Austin
4/15/2021
$
36
$
32
$
32
+3.06
%
+3.06
%
12/9/2029
$153 / sqft
40
%
4
122
Multifamily
Charlotte
11/19/2020
28
28
28
+3.50
%
+3.74
%
12/9/2025
$178,019 / unit
61
%
1
123
Multifamily
Dallas
11/3/2021
27
27
27
+2.71
%
+2.96
%
11/9/2026
$160,023 / unit
57
%
2
124
Multifamily
Melbourne, AU
8/26/2022
26
26
26
+4.50
%
+4.94
%
6/23/2029
$279,121 / unit
68
%
3
125
Office
New York
2/21/2025
24
24
24
+3.25
%
+3.52
%
3/9/2030
$775 / sqft
59
%
3
126
Hospitality
Atlanta
10/1/2019
23
23
23
+3.80
%
+4.03
%
10/9/2025
$129,442 / key
74
%
3
127
Multifamily
Las Vegas
8/4/2021
22
22
22
+2.86
%
+3.13
%
8/9/2026
$180,000 / unit
73
%
3
128
Multifamily
St. Louis
6/25/2021
12
12
11
+2.86
%
+3.10
%
7/1/2026
$21,273 / unit
63
%
1
Subtotal: Senior loan portfolio
$
19,537
$
18,593
$
18,464
+3.32
+3.68
2.2 yrs
63
%
3.0
84
Subordinate Loan Portfolio
(9)
Property Type
Location
Origination
Date
(2)
Total
Commitment
(3)
Principal
Balance
Net Book
Value
(4)
Cash
Coupon
(5)
All-in
Yield
(5)
Maximum
Maturity
(6)
Loan Per
SQFT / Unit /
Key
Origination
LTV
(2)
Risk
Rating
129
Office
Chicago
9/30/2021
$
143
$
110
$
110
(10)
n/m
n/m
10/9/2029
$260 / sqft
n/m
5
130
Office
Los Angeles
11/22/2019
122
105
105
+2.50
%
+2.50
%
12/9/2027
$781 / sqft
69
%
4
131
Office
New York
5/1/2018
102
102
86
(10)
n/m
n/m
3/7/2028
$466 / sqft
n/m
5
132
Industrial
Diversified, US
3/10/2025
60
60
60
+5.00
%
+5.12
%
3/9/2030
$178 / sqft
70
%
3
133
Life Sciences
San Francisco
11/10/2021
72
57
57
+8.71
%
+8.86
%
12/9/2026
$528 / sqft
66
%
4
134
Office
Orange County
8/31/2017
64
57
40
(10)
n/m
n/m
9/9/2026
$324 / sqft
n/m
5
135
Multifamily
Miami
3/29/2022
47
44
44
+8.70
%
+9.52
%
4/9/2027
$374,250 / unit
72
%
3
136
Mixed-Use
New York
3/10/2020
35
35
34
(10)
n/m
n/m
7/11/2029
$997 / sqft
n/m
5
137
Multifamily
Los Angeles
12/30/2021
46
30
30
+8.80
%
+9.81
%
1/9/2028
$437,098 / unit
50
%
3
138
Office
Austin
4/15/2021
24
24
20
(10)
n/m
n/m
12/9/2029
$269 / sqft
n/m
5
Subtotal: subordinate loan portfolio
$
714
$
625
$
586
+5.76
+6.04
3.2 yrs
67
%
4.3
Subtotal: loans receivable portfolio
$
20,251
$
19,218
$
19,050
Total CECL reserve
(742)
Total loans receivable portfolio
$
20,251
$
19,218
$
18,308
+3.39
%
+3.70
%
2.2 yrs
63
%
3.0
(1)
Senior loans include senior mortgages and similar credit quality loans, including related contiguous subordinate loans and pari passu participations in senior mortgage
loans.
(2)
Date loan was originated or acquired by us, and the LTV as of such date, excluding any loans that are impaired and any junior participations sold. Origination dates are
subsequently updated to reflect material loan modifications.
(3)
Total commitment reflects outstanding principal balance as well as any related unfunded loan commitment.
(4)
Net book value represents outstanding principal balance, net of
purchase and sale discounts or premiums, exit fees, deferred origination expenses, and cost-recovery
proceeds
.
(5)
The weighted-average cash coupon and all-in yield are expressed as a spread over the relevant floating benchmark rates, which include SOFR, SONIA, EURIBOR,
CORRA, and other indices as applicable to each loan. As of
March 31, 2025
,
substantially all of our loans by principal balance
earned a floating rate of interest, primarily
indexed to SOFR. In addition to cash coupon, all-in yield includes the amortization of deferred origination and extension fees, loan origination costs, and purchase
discounts, as well as the accrual of exit fees.
Excludes loans accounted for under the cost-recovery and nonaccrual methods, if any
.
(6)
Maximum maturity assumes all extension options are exercised, however our loans may be repaid prior to such date.
Excludes loans accounted for under the cost-recovery
and nonaccrual methods, if any
.
(7)
The net book value of these loans includes junior loan interests that we have sold, but that remain included in our consolidated financial statements.
(8)
This loan has an interest rate of SOFR minus 1.30% with a SOFR floor of 3.50%, for an all-in rate of
3.02%
as of
March 31, 2025
.
(9)
Subordinate loans include: (i) loans in which we have previously originated a whole loan and sold a senior mortgage interest to a third-party, resulting in these subordinate
interests in mortgages, (ii) mezzanine loans, and (iii) the subordinate portion of loans that have been modified that have resulted in a restructured senior loan and
subordinate loan.
(10)
These subordinate loans are the result of a loan modification which resulted in a restructured senior loan and a subordinate loan. All of the subordinate loans are accounted
for under the cost-recovery method.
85
VII. REO Asset Details
The following table provides details of our REO asset as of
March 31, 2025
($ in thousands):
Acquisition Date
Location
Property Type
Acquisition Date Fair Value
SQFT / Unit / Key
1
March 2024
Mountain View, CA
Office
$
60,203
150,507 sqft
2
July 2024
San Antonio, TX
Multifamily
33,607
388 units
3
September 2024
Burlington, MA
Office
64,628
379,018 sqft
4
October 2024
Washington, DC
Office
107,016
892,480 sqft
5
December 2024
San Francisco, CA
Hospitality
201,530
686 keys
6
December 2024
El Segundo, CA
Office
145,363
494,532 sqft
7
December 2024
Denver, CO
Office
33,337
170,304 sqft
8
February 2025
Chicago, IL
Office
45,045
517,115 sqft
$
690,729
86
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
Investment Portfolio Net Interest Income
Generally, our business model is such that rising interest rates will increase our net income, while declining interest rates
will decrease net income. As of
March 31, 2025
,
substantially all
of our loans by principal balance earned a floating rate of
interest and were financed with liabilities that pay interest at floating rates, which resulted in an amount of net equity that is
positively correlated to changing interest rates, subject to the impact of interest rate floors on certain of our floating rate
loans.
The following table projects the earnings impact on our interest income and expense, presented net of implied changes in
incentive fees, for the twelve-month period following
March 31, 2025
, of an increase in the various floating-rate indices
referenced by our portfolio, assuming no change in credit spreads, portfolio composition, or asset performance, relative to
the average indices during the
three months ended
March 31, 2025
($ in thousands):
Assets (Liabilities)
Sensitive to
Changes in
Interest Rates
(1)
Interest Rate Sensitivity as of
March 31, 2025
(2)(3)
Increase in Rates
Decrease in Rates
50 Basis Points
100 Basis Points
50 Basis Points
100 Basis Points
Floating rate assets
(4)(5)(6)
$
17,312,607
$
69,117
$
138,368
$
(68,714)
$
(135,025)
Floating rate liabilities
(5)(7)
(15,286,346)
(61,345)
(122,691)
61,312
122,535
Net exposure
$
2,026,261
$
7,772
$
15,677
$
(7,402)
$
(12,490)
(1)
Reflects the USD equivalent value of floating rate assets and liabilities denominated in foreign currencies.
(2)
Increases (decreases) in interest income and expense are presented net of theoretical impact of incentive fees. Refer
to
Note 16
to our consolidated financial statements for additional details of our incentive fee calculation.
(3)
Excludes income from loans accounted for under the cost-recovery method.
(4)
Excludes
$1.5 billion
of floating rate impaired loans.
(5)
Excludes
$845.8 million
of non-consolidated senior interests and
$101.7 million
of loan participations sold, as of
March 31, 2025
. Our non-consolidated senior interests and loan participations sold are structurally non-recourse and
term-matched to the corresponding loans, and have no impact on our net floating rate exposure.
(6)
Our loan agreements generally require our borrowers to purchase interest rate caps, which mitigates our borrowers'
exposure to an increase in interest rates
.
(7)
Includes amounts outstanding under secured debt, securitizations, asset-specific debt, Term Loans, and the senior
secured notes due 2029, for which we entered into an interest rate swap with a notional amount of
$450.0 million
that effectively converts our fixed rate exposure to floating rate exposure for such notes.
Investment Portfolio Value
As of
March 31, 2025
,
substantially all
of our loans by principal balance earned a floating rate of interest, so the value of
such investments is generally not impacted by changes in market interest rates. Additionally, we generally hold all of our
loans to maturity and so do not expect to realize gains or losses resulting from any mark to market valuation adjustments on
our loan portfolio.
Risk of Non-Performance
In addition to the risks related to fluctuations in cash flows and asset values associated with movements in interest rates,
there is also the risk of non-performance on floating rate assets. In the case of a significant increase in interest rates, the
cash flows of the collateral real estate assets may not be sufficient to pay debt service due under our loans, which may
contribute to non-performance or, in severe cases, default. This risk is partially mitigated by our consideration of rising rate
stress-testing during our underwriting process, which generally includes a requirement for our borrower to purchase an
interest rate cap contract with an unaffiliated third party, provide an interest reserve deposit, and/or provide interest
guarantees or other structural protections.
As of
March 31, 2025
,
86%
of our performing loans had interest rate caps, with a
weighted-average strike price of
3.5%
, or interest guarantees. During the
three months ended
March 31, 2025
, interest rate
caps on
$2.6 billion
of performing loans, with a
3.7%
weighted-average strike price, expired and
100%
were replaced with
new interest rate caps, with a weighted-average strike price of
3.8%
, or interest guarantees.
87
Credit Risks
Our loans are subject to credit risk, including the risk of default. The performance and value of our loans depend upon the
borrowers' ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay
interest and principal due to us. To monitor this risk, our asset management team reviews our loan portfolios and, in certain
instances, is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as
necessary.
In addition, we are exposed to the risks generally associated with the commercial real estate market, including changes in
occupancy rates, capitalization rates, absorption rates, and other macroeconomic factors beyond our control. We seek to
manage these risks through our underwriting and asset management processes.
We maintain a robust asset management relationship with our borrowers and utilize these relationships to maximize the
performance of our portfolio, including during periods of volatility. We believe that we benefit from these relationships and
from our long-standing core business model of originating senior loans collateralized by large assets in major markets with
experienced, well-capitalized institutional sponsors. While we believe the principal amounts of our loans are generally
adequately protected by underlying collateral value, there is a risk that we will not realize the entire principal value of
certain loans. As of
March 31, 2025
, we had an aggregate
$555.4 million
asset-specific CECL reserve related to
13
of our
loans receivable, with an aggregate amortized cost basis of
$1.5 billion
, net of cost-recovery proceeds. This CECL reserve
was recorded based on our estimation of the fair value of each of the loan's underlying collateral as of
March 31, 2025
.
Our portfolio monitoring and asset management operations benefit from the deep knowledge, experience, and information
advantages derived from our position as part of Blackstone's real estate platform. Blackstone has built the world's
preeminent global real estate business, with a proven track record of successfully navigating market cycles and emerging
stronger through periods of volatility. The market-leading real estate expertise derived from the strength of the Blackstone
platform deeply informs our credit and underwriting process, and we believe gives us the tools to expertly asset manage
our portfolio and work with our borrowers throughout periods of economic stress and uncertainty.
Capital Market Risks
We are exposed to risks related to the equity capital markets, and our related ability to raise capital through the issuance of
our class A common stock or other equity instruments. We are also exposed to risks related to the debt capital markets, and
our related ability to finance our business through borrowings under credit facilities or other debt instruments. As a REIT,
we are required to distribute a significant portion of our taxable income annually, which constrains our ability to
accumulate operating cash flow and therefore requires us to utilize debt or equity capital to finance our business. We seek
to mitigate these risks by monitoring the debt and equity capital markets to inform our decisions on the amount, timing, and
terms of capital we raise.
Margin call provisions under our credit facilities do not permit valuation adjustments based on capital markets events, and
are limited to collateral-specific credit marks generally determined on a commercially reasonable basis.
Counterparty Risk
The nature of our business requires us to hold our cash and cash equivalents and obtain financing from various financial
institutions. This exposes us to the risk that these financial institutions may not fulfill their obligations to us under these
various contractual arrangements. We mitigate this exposure by depositing our cash and cash equivalents and entering into
financing agreements with high credit-quality institutions.
The nature of our loans also exposes us to the risk that our counterparties do not make required interest and principal
payments on scheduled due dates. We seek to manage this risk through a comprehensive credit analysis prior to making a
loan and active monitoring of the asset portfolios that serve as our collateral, as further discussed above.
Currency Risk
Our loans that are denominated in a foreign currency are also subject to risks related to fluctuations in currency rates. We
generally mitigate this exposure by matching the currency of our assets to the currency of the financing for our assets. As a
result, we substantially reduce our exposure to changes in portfolio value related to changes in foreign currency rates. In
addition, substantially all of our net asset exposure to foreign currencies has been hedged with foreign currency forward
contracts as of
March 31, 2025
.
88
The following tables outline our assets and liabilities that are denominated in a foreign currency (amounts in thousands):
March 31, 2025
GBP
EUR
All Other
(1)
Foreign currency assets
£
2,437,522
€
2,252,076
$
2,049,385
Foreign currency liabilities
(1,834,860)
(1,628,926)
(1,626,862)
Foreign currency contracts – notional
(596,868)
(615,758)
(415,212)
Net exposure to exchange rate fluctuations
£
5,794
€
7,392
$
7,311
Net exposure to exchange rate fluctuations in USD
(2)
$
7,484
$
7,995
$
7,311
(1)
Includes Swedish Krona, Australian Dollar, Canadian Dollar, Swiss Franc, and Danish Krone currencies.
(2)
Represents the U.S. Dollar equivalent as of
March 31, 2025
.
ITEM 4.
CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The company maintains disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act) that are designed to ensure that information required to be disclosed in the company's reports under the
Exchange Act is recorded, processed, and summarized and reported within the time periods specified in the SEC's rules
and forms, and that such information is accumulated and communicated to the company's management, including its Chief
Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.
Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives. An evaluation of the effectiveness of the design and operation of our disclosure
controls and procedures as of the end of the period covered by this
Quarterly
Report on Form
10-Q
was made under the
supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial
Officer. Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our
disclosure controls and procedures (a) are effective to ensure that information required to be disclosed by us in reports filed
or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by
SEC rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information
required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to
our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely
decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There have been no changes in our "internal control over financial reporting" (as defined in Rule 13a–15(f) of the
Exchange Act) that occurred during our most recent quarter that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.
89
PART II. OTHER INFORMATION
ITEM 1.
LEGAL PROCEEDINGS
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of
March 31, 2025
, we were not involved in any material legal proceedings.
ITEM 1A.
RISK FACTORS
There have been no material changes to the risk factors previously disclosed under ''Part I, Item 1A. Risk Factors" of our
Annual Report on Form 10-K for the year ended
December 31, 2024
.
90
ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table sets forth information regarding repurchases of shares of our class A common stock during the
three
months ended
March 31, 2025
:
Period
Total Number of
Shares Purchased
Average Price
Paid per Share
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans or
Programs
(1)
Approximate Dollar
Value of Shares that
May Yet Be Purchased
Under the Program
($ in thousands)
(1)
January 1 - January 31, 2025
1,792,836
$
17.63
1,792,836
$
89,189
February 1 - February 28, 2025
—
—
—
89,189
March 1 - March 31, 2025
—
—
—
89,189
Total
1,792,836
$
17.63
1,792,836
$
89,189
(1)
In July 2024, our board of directors authorized the repurchase of up to
$150.0 million
of our class A common stock.
Under the repurchase program, repurchases may be made from time to time in open market transactions, in privately
negotiated transactions, in agreements and arrangements structured in a manner consistent with Rules 10b-18 and
10b5-1 under the Exchange Act or otherwise. The timing and the actual amounts repurchased will depend on a
variety of factors, including legal requirements, price and economic and market conditions. The repurchase program
may be changed, suspended or discontinued at any time and does not have a specified expiration date.
See
Note 15
to our consolidated financial statements and "Part I. Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations — Liquidity and Capital Resources —
Uses of Liquidity
" for further
information regarding this repurchase program.
91
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
None.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5.
OTHER INFORMATION
Section 13(r) Disclosure
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which added Section 13(r) of
the Exchange Act, we hereby incorporate by reference herein Exhibit 99.1 of this report, which includes disclosures
regarding activities at Mundys S.p.A.,
which
may be, or may have been at the time considered to be, an affiliate of
Blackstone and, which may be, or may have been at the time considered to be, our affiliate.
Rule 10b5-1 Trading Arrangements
During the
three months ended
March 31, 2025
,
three of our officers
adopted
a "Rule 10b5-1 trading arrangement," as
defined in Item 408(c) of Regulation S-K, each of which is intended to satisfy the affirmative defense of Rule 10b5-1(c)
under the Exchange Act.
Katharine A. Keenan
, our
Chief Executive Officer
, adopted a Rule 10b5-1 sales plan on
March
18, 2025
that provides for the automatic sale of shares of class A common stock in order to satisfy tax withholding
obligations arising from vesting of an aggregate of
51,850
shares of restricted stock granted on
December 15, 2024
, held by
Ms. Keenan. The number of shares to be sold under the plan is unknown, as the number of shares will vary based on the
extent to which vesting conditions are satisfied and the market price of our class A common stock at the time of vesting.
Ms. Keenan's Rule 10b5-1 sales plan will expire on
December 31, 2027
, subject to the plan's earlier expiration or
completion in accordance with its terms.
Anthony F. Marone, Jr.
, our
Chief Financial Officer
,
adopted
a Rule 10b5-1 sales
plan on
March 6, 2025
that provides for the automatic sale of shares of class A common stock in order to satisfy tax
withholding obligations arising from vesting of an aggregate of
12,000
shares of restricted stock granted on
December 15,
2024
, held by Mr. Marone. The number of shares to be sold under the plan is unknown, as the number of shares will vary
based on the extent to which vesting conditions are satisfied and the market price of our class A common stock at the time
of vesting. Mr. Marone's Rule 10b5-1 sales plan will expire on
December 31, 2027
, subject to the plan's earlier expiration
or completion in accordance with its terms.
Marcin Urbaszek
, our
Deputy Chief Financial Officer
,
adopted
a Rule 10b5-1
sales plan on
March 6, 2025
that provides for the automatic sale of shares of class A common stock in order to satisfy tax
withholding obligations arising from vesting of an aggregate of
12,889
shares of restricted stock granted on
December 15,
2024
, held by Mr. Urbaszek. The number of shares to be sold under the plan is unknown, as the number of shares will vary
based on the extent to which vesting conditions are satisfied and the market price of our class A common stock at the time
of vesting. Mr. Urbaszek's Rule 10b5-1 sales plan will expire on
December 31, 2027
, subject to the plan's earlier
expiration or completion in accordance with its terms.
92
ITEM 6.
EXHIBITS
10.1
Sixth Amendment to Master Repurchase Agreement, dated as of February 20, 2025, by and among Parlex 3A
USD IE Issuer Designated Activity Company, Parlex 3A GBP IE Issuer Designated Activity Company, Parlex
3A EUR IE Issuer Designated Activity Company, Parlex 3A SEK IE Issuer Designated Activity Company,
Perpetual Corporate Trust Limited as Trustee of the Parlex 2022-1 Issuer Trust, Parlex 3A CAD IE Issuer
Designated Activity Company, Parlex 3A FINCO, LLC, Barclays Bank PLC, Parlex 3A Finco, LLC, Parlex
3A UK Finco, LLC, Parlex 3A EUR Finco, LLC, Parlex 3A SEK Finco, LLC, Silver Fin Sub TC PTY LTD,
Gloss Finco 1, LLC, and Parlex 3A CAD Finco, LLC.
10.2
Amendment No. 18 to the Amended and Restated Master Repurchase and Securities Contract, dated as of
March 13, 2025, between Parlex 5 Finco, LLC and Wells Fargo Bank, National Association.
31.1
Certification of Chief Executive Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
31.2
Certification of Chief Financial Officer, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 +
Certification of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
32.2 +
Certification of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002
99.1
Section 13(r) Disclosure
101.INS
XBRL Instance Document – the instance document does not appear in the interactive data file because its
XBRL tags are embedded within the inline XBRL document
101.SCH
Inline XBRL Taxonomy Extension Schema Document With Embedded Linkbase Documents
101.CAL
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
___________
+
This exhibit shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the
liability of that Section. Such exhibit shall not be deemed incorporated into any filing under the Securities Act or the
Exchange Act.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other
disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely
on them for that purpose. In particular, any representations and warranties made by us in these agreements or other
documents were made solely within the specific context of the relevant agreement or document and may not describe the
actual state of affairs as of the date they were made or at any other time.
93
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned thereunto duly authorized.
BLACKSTONE MORTGAGE TRUST, INC.
April 30, 2025
/s/ Katharine A. Keenan
Date
Katharine A. Keenan
Chief Executive Officer
(Principal Executive Officer)
April 30, 2025
/s/ Anthony F. Marone, Jr.
Date
Anthony F. Marone, Jr.
Chief Financial Officer
(Principal Financial Officer)
April 30, 2025
/s/ Marcin Urbaszek
Date
Marcin Urbaszek
Deputy Chief Financial Officer
(Principal Accounting Officer)